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News

Budget 2015: Banks to lose PPI compensation tax break

Under current rules banks are allowed to set deduct compensation payments such as mis-sold personal protection insurance (PPI).

In his budget speech Osbourne said the government would consult on removing this in a future Finance Bill.

‘We will stop banks from deducting from corporation tax the compensation they make to customers for products they have been mis-sold, like PPI.’ He said.

Other measures included an increase in the bank levy from 0.156% to 0.21% on 1 April to raise £900 million.

Osbourne said new taxation would increase revenue from banks to 5.3 billion.

‘The banks got support going into the crisis; now they must support the whole country as we recover from the crisis.’ He said.

The Treasury also confirmed plans announced in the autumn statement to restrict the amount of banks’ annual profit that is allowed to be offset by carried-forward losses to 50% from 1 April 2015.

Article taken from – Citywire

Posted by M Carey on 23 Mar 2015

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