Written Question·Treasury·UIN 192444
Banks: Taxation
Tabled: 4 July 2023
Answered: 10 July 2023
Question
Charlotte Nichols
Labour — Warrington North
To ask the Chancellor of the Exchequer, if he will introduce a windfall tax on banks to account for excess profits in the banking sector generated by the interest rate rise on 22 June 2023.
Answer
Andrew GriffithBanks already face an additional rate of tax on their profits in the form of the Bank Corporation Tax Surcharge – meaning they pay 3% more on their profit than most other businesses. This is in addition to a charge on the largest banks’ balance sheets in ...
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