CIOT – Bank Levy needs careful thought
Commenting on the Bank Levy consultation document issued today, CIOT President Vincent Oratore said:
“The consultation period, consistent with the principles outlined in ‘Tax policy making – a new approach’, is to be warmly welcomed.
“The structure of the Bank Levy will be difficult to get right. This is because of its interface with bank regulation which seeks to accomplish similar goals. With this in mind we welcome the Government proposal to review the operation of this levy in 2013.
“As recognised in the document, calibration of the Levy will need to be carefully thought through as the base changes.
“Double taxation1, which is inherent in the Levy, also needs to be eliminated.”
“All in all, a great deal of thought needs to be given to this Levy.”
Notes to Editors
1. The Government have said the Levy will apply to the worldwide balance sheets of UK banks and building societies, and to the UK operations of banks from abroad. If other countries adopt the same basis for a Bank Levy this will mean the same items being taxed more than once.
2. The Chartered Institute of Taxation (CIOT) is a charity and the leading professional body in the United Kingdom concerned solely with taxation. The CIOT’s primary purpose is to promote education and study of the administration and practice of taxation. One of the key aims is to achieve a better, more efficient, tax system for all affected by it – taxpayers, advisers and the authorities.
The CIOT’s comments and recommendations on tax issues are made solely in order to achieve its primary purpose: it is politically neutral in its work. The CIOT will seek to draw on its members’ experience in private practice, government, commerce and industry and academia to argue and explain how public policy objectives (to the extent that these are clearly stated or can be discerned) can most effectively be achieved.
The CIOT’s 15,000 members have the practising title of ‘Chartered Tax Adviser’.
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George Crozier
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