The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.
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Home / News Articles / Reports & Briefings
The banking sector contributes to the UK economy in many ways. Paying tax is an important element of that contribution but there has historically been little robust data on the contribution made by the banking sector in taxes. The first Total Tax Contribution study of the sector, carried out in 2015, provided useful evidence and highlighted that the contribution extends beyond corporation tax to include irrecoverable VAT, bank levy, stamp duties and employment taxes.
While this report quantifies the current Total Tax Contribution of the banking sector, the future contribution to the public finances is in doubt. Increased capital and liquidity requirements as a result of tightening regulation coupled with persistent low interest rates have led to a structural change in the sector compared with the pre-crisis era. Falling levels of return on equity and gross value added call into question the sustainability of tax payments from the sector in the future.
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