Qualified advisers answering your
Financial Questions
call 0800 092 1245

Is a tax on bankers really a tax on society?

As the UK government leads the way with regards to a tax on banking bonuses there are concerns that in reality a tax on bankers is really a tax on society. Despite the fact that bankers will initially take the pain, although many banks have promised to add any taxation liabilities on top of agreed bonuses, it will inevitably flow down the line to customers of the UK banking arena. So is a tax on bankers really a tax on society?

In reality the UK government can increase taxes on individuals and businesses but at the end of the day any increased liabilities and costs incurred when running a business will inevitably fall upon individuals in the UK. How long it takes this particular tax to reach banking customers and the UK population remains to be seen but any new tax will lead to higher service charges and product costs.

The UK government is in dire need of a significant tax income injection to bring down the growing budget deficit and at least try to pay down part of the UK national debt. Those who believe that bankers are the main target could be correct, but do not automatically assume there will be no more tax initiatives in the short to medium term.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details