HMRC excludes client clearing from UK bank levy
UK tax authorities exclude client collateral received as a result of clearing activities from bank levy, after complaints it would act as a disincentive to clearing
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
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