8th Jul 2015 12:38
LONDON (Alliance News) - The UK bank levy will be gradually reduced over the next six years and then no longer applied to worldwide balance sheets, UK Chancellor George Osborne said on Wednesday, though an 8% tax charge is to be introduced on bank profits.
Delivering his first Budget speech since the Conservative Party secured a majority in May's General Election, Osborne said tax on banks needs to be "stable, sustainable and fair".
Shares in HSBC Holdings PLC, which is reviewing whether to move its global headquarters from London, partly due to the costs of the bank levy, were up 0.5% at 561.6 pence on Wednesday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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