Written question asked by Lord Myners (Labour), in the House of Lords. It was answered by Lord Sassoon (Conservative) on Wednesday, 8 December 2010.

Taxation: Income Tax

Question: To ask Her Majesty’s Government, further to the Written Answer by Lord Sassoon on 22 November (WA 287), what is the methodology used to determine maximum sustainable tax revenues to be raised through the bank levy; and whether non-bank financial service companies will also be subject to this or a similar levy.

Answer: From 2012, the bank levy will generate around £2.5 billion of annual revenues. The levy will apply to: the global consolidated balance sheet of UK banking groups and building societies; the aggregated subsidiary and branch balance sheets of foreign banks and banking groups operating in the UK; and the balance sheets of UK banks in non-banking groups. It will not apply to other forms of financial institution and there are no plans at present to extend its scope.

Secondary information

Type: Written question
Reference: 4520; 723 c68WA
Session: 2010-12
Related items: Spending Review 2010
Monday, 22 November 2010
Written questions
House of Lords
Subjects: Financial services Taxation Tax yields Bank levy
Link: View this Written question on www.publications.parliament.uk