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

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: