Banking is set for Budget changes

Those who follow finance conferences will know by now the banking changes which were announced in the recent Budget.

Chancellor George Osborne announced a slew of measures for banks in the UK on Wednesday, leaving the large companies facing a higher levy, and possible double taxation for banking deals done outside the UK.

Following the announcement Angela Knight, of the British Bankers’ Association, said she found the measures "not as straightforward as they seem".

She added: "While corporation tax is paid on profits, the bank levy represents an additional fixed cost for larger banks operating in the UK. Without satisfactory double taxation arrangements in place, this is putting banks operating in the UK at a long term disadvantage."

Mr Osborne said the increase in the levy was intended to offset a reduction in corporation tax.

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