MARKET TALK: UK Banks To Pay GBP1.1B In 2011 In New Tax

23rd Jun 2010 07:49

0649 GMT [Dow Jones] U.K. banks will have to pay a combined GBP1.1 billion next year and GBP1.9 billion in 2012 in new taxes imposed by the U.K. government, JP Morgan estimates. Adds this is 4% and 5% of group earnings for those years, respectively. Says the levy is "less punitive" than expected, with a cut in U.K. corporate tax rate partially offsetting the expense. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 23, 2010 02:49 ET (06:49 GMT)