UK Government Announces Temporary Increase in Bank Corporation Tax Surcharge

The UK Government has declared a temporary hike in the Bank Corporation Tax Surcharge, raising it from 3% to 6%. This increase will be in effect for 15 months, commencing January 1, 2027, and concluding March 31, 2028. The surcharge applies to banking profits exceeding a £100 million allowance and is levied in addition to the standard 25% corporation tax rate.