Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of the decrease in the Bank Corporation Tax Surcharge in each of the next 10 financial years.
The Exchequer impacts of the decrease in the Bank Surcharge rate announced 2021 Autumn Budget are set out in table 5.1 of the Autumn Budget and Spending Review document 2021.
https://www.gov.uk/government/publications/autumn-budget-and-spending-review-2021-documents
The Exchequer impacts assume that changing the tax rate will increase the incentive on banking companies to shift profits into the UK.