UK Government Announces Temporary Bank Corporation Tax Surcharge Hike

AI-generated NewsSnap summary based on source reporting.
Published: 2026-10-31
Category: finance
Source: Bank Policy Institute

The UK Government has announced a temporary increase in the Bank Corporation Tax Surcharge from 3% to 6% for 15 months, effective from January 1, 2027, to March 31, 2028. This surcharge applies to banking profits exceeding a £100 million allowance and is in addition to the standard 25% corporation tax rate.

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