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10.11 - 16:33
TSB and Co-op Bank among lenders set to benefit from £4bn City tax cut
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theguardian.comTSB, Co-operative Bank and Leeds Building Society are among the lenders expected to escape a levy imposed on the sector, following the chancellor’s announcement of a £4bn City tax cut in his budget speech on Wednesday.
Rishi Sunak said the government would increase the proportion of profits exempt from the bank surcharge from £25m to £100m from April 2023. It means the first £100m of any bank’s earnings will avoid the sector-specific tax, which is also due to drop from 8% to 3% that year.
The Treasury confirmed that the more generous “allowance” would result in about 35 banking groups and buildings societies avoiding the surcharge altogether.
“A few names who the surcharge will no longer apply to include the likes of OakNorth, Tesco Bank,
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