Bassetlaw: MP tables amendment to Finance Bill
The surplus tax, which is a tax of eight per cent on banks and building societies with profits of over £25million, will replace the banking levy which taxed the biggest UK banks.
Mr Mann’s amendment states the surcharge: “Shall not apply to any bank or building society with a balance sheet value of less than £25 billion in the last calendar year.”
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Hide AdCommenting further on the issue this week, Mr Mann said:“I do not believe that the surplus tax is the best way of ensuring that the biggest banks that were bailed out by the tax payer pay their fair share.”