AS14: Banks hit with extra £4bn tax bill

Laura Miller
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The amount of profit in UK banks that can be offset by losses carried forward will be limited to 50%, and relief on bad debts delayed, the Chancellor has announced.

The move means banks should contribute almost £4bn more in tax over the next five years, George Osborne said. Currently some banks were offsetting losses incurred during the financial crisis against future profits for up to 15 years, he said.

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