HMRC excludes client clearing from UK bank levy

A photo of the HMRC building against a cloudy sky

UK banks won't have to include collateral received from clearing clients in the calculation of a bank balance sheet tax levy from this year, following a change in the rules by UK tax authorities. Banks had claimed the levy acts as a disincentive to client clearing, in direct contradiction to the aims of the Group of 20 leaders. The decision to exclude liabilities that appear on bank balance sheets from collateral received as a result of client clearing was announced by HM Revenue & Custom