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The Clubhouse Bar
A Political Thread pt. 2
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<blockquote data-quote="Bada-Bing!" data-source="post: 1058903" data-attributes="member: 70552"><p>It sounds bad, but the Corporation tax rate is going up for large companies to 25% in 2023 and so the cut in the bank levy on top being 3% means they will be paying 28% compared to the 27% (19% + 8 %) levy that they are now. So net result is they are paying another 1% on their profits. Yeh the Govt aren't going to lose out. </p><p></p><p>Banks will also need to pay the additional 1.25% on the staff's pay for the NI levy, but can deduct it in arriving at their taxable trading profits.</p></blockquote><p></p>
[QUOTE="Bada-Bing!, post: 1058903, member: 70552"] It sounds bad, but the Corporation tax rate is going up for large companies to 25% in 2023 and so the cut in the bank levy on top being 3% means they will be paying 28% compared to the 27% (19% + 8 %) levy that they are now. So net result is they are paying another 1% on their profits. Yeh the Govt aren’t going to lose out. Banks will also need to pay the additional 1.25% on the staff’s pay for the NI levy, but can deduct it in arriving at their taxable trading profits. [/QUOTE]
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A Political Thread pt. 2
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