Bassetlaw: MP tables amendment to Finance Bill

Bassetlaw Games awards night.  Pictured is MP John Mann (w121008-7p)

Bassetlaw Games awards night. Pictured is MP John Mann (w121008-7p)

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Treasury Select Committee member and Bassetlaw MP John Mann has tabled an amendment to the Finance Bill relating to the eight per cent surcharge tax announced by Chancellor George Osborne in his July 2015 budget.

The surplus tax, which is a tax of eight per cent on banks and building societies with profits of over £25million, will replace the banking levy which taxed the biggest UK banks.

Mr Mann’s amendment states the surcharge: “Shall not apply to any bank or building society with a balance sheet value of less than £25 billion in the last calendar year.”

Commenting further on the issue this week, Mr Mann said:“I do not believe that the surplus tax is the best way of ensuring that the biggest banks that were bailed out by the tax payer pay their fair share.”