The New U.K. Bank Levy
Author: Michael McGowan.; Andrew Howard.
Source: Volume 28, Number 01, Fall 2010 , pp.33-40(8)
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Abstract:
The new U.K. bank levy is important in its own right, and it may serve as a model for other industrialized nations interested both in raising revenue and in affecting the investment practices of financial institutions. Among other things, this article describes the banks and banking groups affected by the levy, the tax base of the levy, and the open issues that remain.Keywords: bank levy, banking group, derivatives, anti-avoidance, double taxation, CATA method
Affiliations:
1: Sullivan & Cromwell LLP; 2: Sullivan & Cromwell LLP.