HMRC grappling with impact of UK bank levy on clearing

A photo of the HMRC building against a cloudy sky

The UK's tax authorities are trying to avoid a policy clash between the country's new bank balance sheet levy and the shift to central clearing for over-the-counter derivatives. Banks fear the tax will make it harder for their clearing businesses to compete by increasing their tax bill when clients post cash collateral – and those concerns are being considered by HM Revenue & Customs (HMRC) as part of an ongoing review of the levy.

"Where banks act as a clearing member – essentially a middleman

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