UK banks pay record amount in taxes after making bumper profits
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy UK banks paid a record amount in taxes last year after generating bumper profits, while the gap between taxation on the City and other global financial hubs widens, figures show. The UK banking sector’s total tax contribution was £44.8 billion for the financial year to the end of March, according to analysis produced by PwC for trade group UK Finance. Total tax rates in other top European financial hubs – 28.8% in Dublin, 38.6% in Frankfurt, and 42.0% in Amsterdam – were all significantly less than the year prior, according to PwC’s analysis. “While taxing banks more may not get much pushback from the public, they already carry a relatively high tax burden in an international context and we feel that it would also be a damaging move when the Government is seeking to drive increased economic growth,” he said.
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