good news10 Nov 2022 11:55
The Chancellor wants to cut the bank surcharge in his Autumn Statement next week, chopping the additional rate of corporation tax from 8pc to 3pc.
It means the rate paid by lenders will rise by just 1 percentage point to 28pc next April when the headline rate of corporation tax increases from 19pc to 25pc.
The bank surcharge was introduced in 2015 and effectively prevented lenders from benefitting from cuts in the headline rate of corporation tax under the Coalition and then Conservative Governments. The surcharge raked in £2.4bn for the Treasury in the 2021-22 financial year.