John Healey poised to raise taxes on banks in budget (www.theguardian.com)

submitted 21 hours ago by FrogCat@piefed.social to c/uk_politics@feddit.uk

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Apparently the Chancellor wants to reverse a cut to a surcharge that banks pay on their profits, on top of normal corporation tax. The surcharge was 8%, then Jeremy Hunt cut it to 3%, so Healey apparently might set it back to 8%.

[Healey is] believed to be minded to increase the surcharge banks pay on their profits, over and above corporation tax. Industry figures believe that will probably mean raising the surcharge back to 8%, from 3% at present.

Thoughts?

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[-] MrNesser@lemmy.world 1 points 7 hours ago

Someone's going to try and point out that banks will leave investment out of the UK . Which holds as much water as a chocolate teacup in the Sahara.

Banks will manage their profits so the bare minimum goes to the tax man as they always do.

They will do this through various schemes that are legal in the UK and largely not legal elsewhere.

[-] HubertManne@piefed.social 1 points 18 hours ago

why would bank taxes be taxed higher than other corporate profits?

[-] cman6@lemmy.world 2 points 17 hours ago

Presumably because of the amount of profit they are making.

Apparently HSBC made £14 billion profit in 2026: https://www.independent.co.uk/bulletin/news/hsbc-profit-shares-bank-tax-b3027061.html

My quick maths suggests they'll pay an extra £700 million in tax. So they would still clear over £13 billion in profit!

[-] HubertManne@piefed.social 1 points 17 hours ago

so its the highest profit corpos? I mean I know banks make a lot of (pardon the pun) bank, but so do many companies. I was thinking maybe its because they can't really leave.

[-] mlcgdrhu@sopuli.xyz 1 points 18 hours ago

Thoughts? You want some deep analysis beyond "good"?

this post was submitted on 16 Oct 2026

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