Budget 2015: Double-whammy for banks, says KPMG

Budget 2015: Double-whammy for banks

Global banks based in UK will feel effects of bank levy increase.

Also on KPMG.com

Tom Aston, financial services tax partner at KPMG, said: “The bank levy increase will be painful for global banks who have their headquarters in the UK. It will be a case of one step forward two steps back for banks who are trying to deliver cost cutting commitments. It is disappointing given that the tougher rules on banks using tax losses announced in the Autumn Statement were supposed to be in place of a higher bank levy.”

-ENDS-

 

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Chancellor’s Budget 2015

 

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff.  The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

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