UK bank tax will be temporary and below 8%, Bloomberg reports (updated)
Wed 11:00
UPDATE 1-UK bank tax will be temporary and below 8%, Bloomberg reports Adds details from report in paragraph 2, market reaction in paragraph 3
LONDON, Oct 28 (Reuters) - British finance minister John Healey will on Wednesday announce a temporary bank tax increase of less than 8%, Bloomberg reported.
Healey will increase the bank surcharge, which is currently levied at 3% on top of the 25% corporation tax rate, but will not return it to the 8% level it had stood at until 2023, Bloomberg reported citing people familiar with the matter.
British banking stocks rose after the report, with Lloyds LLOY.L, Barclays BARC.L and Natwest NWG.L all up at least 2%.
(Reporting by Sam Tabahriti; writing by Yoruk Bahceli, editing by William James)
((sam.tabahriti@thomsonreuters.com; +447342 020357;))
Recent news on Lloyds Banking
See all newsNatWest shares slide on weaker than expected interest income outlook (updated)
Europe Research Roundup: Air Liquide, Lloyds, WPP
NatWest reports flat third-quarter profit, reaffirms outlook
Press Digest: British Business - October 30
Lloyds shares drop on muted third quarter results as higher taxes loom (updated)