UK: the bank levy - draft legislation

The Government has published draft legislation in respect of the bank levy: see here.

UK: a permanent bank levy - draft legislation expected tomorrow

Included in today's Spending Review was an announcement from the Government concerning the proposed bank levy. To quote from the Spending Review report (here, pdf), at para. 1.73:

The Government is taking forward its announcement in the Budget of a Bank Levy [see here, pdf] as an additional and permanent tax on the industry and will publish draft legislation on 21 October, following a consultation with industry over the Summer. Final legislation will follow before the end of the year. Once fully in place, the Government expects the Levy to generate around £2.5 billion of annual revenues, higher in net terms than the previous government’s payroll tax. Working with international partners, the Government is committed to taking forward work on a Financial Activities Tax on profits and remuneration".

UK: the bank levy - HM Treasury consultation published

HM Treasury today published a consultation paper on the design and implementation of the proposed bank levy: see here (pdf).