HMRC Is Shite

HMRC Is Shite
Dedicated to the taxpayers of Britain, and the employees of Her Majesty's Revenue and Customs (HMRC), who have to endure the monumental shambles that is HMRC.

Friday, 16 July 2010

Bank Levy Consultation

As announced in the emergency Budget, HMRC this week published the Bank Levy Consultation:

"Risk taking in the banking sector was a significant contributory factor in the recent financial crisis. In particular, problems with risky funding led to serious liquidity problems that played a key role in the financial crisis. Banks should make a contribution that reflects the potential risk to the UK financial system and wider economy from bank failures and consequent loss of consumer and investor confidence."

Institutions and groups will only be liable for the Levy (0.07%), which is expect to raise £2BN (small beer by banks' standards) where their relevant aggregate liabilities subject to the Levy amount to £20BN or more. The Levy does not apply to small firms.

The banks will still of course argue that the levy (even though it is small beer) will reduce their ability to lend money, as it will hit their profits/cashflow etc. This might have a very small element of truth, except for the fact that the government is already castigating them for not lending enough now.

Tax does have to be taxing.

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