Corporation Tax "Bank levy"

[richy]

Hi All

Got Corporation Tax notice about changes to CT600 form.

There is a new tax called bank levy, which is a charge based on total chargeable equity and liabilities reported on the relevant balance sheet.

Anyone know about this? Anyone know if this means ltd co warchest of cash is going to be taxed?

HM Revenue & Customs: Draft legislation: Bank Levy

Cheers, rich

[FarmerPalmer]

it applies to "banks, banking and building society groups" ... not all companies

[Clare@InTouch]

I believe it's a tax on Bank profits, as in Barclays Lloyds et al, rather than a tax on money people hold in banks.

[northernladuk]

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