View more on these topics

AS2013: Bank levy increase to raise extra £256m

The bank levy will increase in January to raise an extra £256m in 2013-14.

The full Autumn Statement notes the Government will also “make changes to the bank levy’s detailed design that have the effect of widening the tax base.”

It reads: “This will help to restore forecasts for future years’ receipts to target, and ensure that banks make a fair contribution that reflects their risks to the financial system and the wider UK economy.”

It was previously increased to 0.142 per cent from 0.13 per cent in the March Budget. 

Compared to the previous rate, the tax will raise an extra £256m in 2013-14, £520m in 2015-16 and £535m thereafter. 

In total the levy will now raise £2.7bn in 2014-15 and £2.9bn each year from 2015-16.

The Government has faced repeated criticism since the introduction of the levy as the level of revenue collected has failed to match predictions. 


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm