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Cancelling a planned cut to the banking surcharge is an option for new UK Chancellor Jeremy Hunt, the Financial Times reported on Wednesday.
Hunt also is mulling extending a windfall tax on oil and gas producers.
According to the Financial Times, Hunt will look at the tax on banking sector profits, in a bid to bolster the government's finances.
Banks currently pay an effective 27% tax rate, stemming from corporation tax at 19% and the banking surcharge at 8%.
While corporation tax is to climb to 25% in April, the FT reported that Hunt is undecided on whether to keep the bank surcharge at the current 8%. The surcharge had been due to drop to 3% next year under plans announced last year.
The FT quoted a treasury spokesperson as saying: "We can't comment on specific speculation; however, the chancellor and prime minister have been clear that difficult decisions will be required to restore economic stability and no options are off the table."
Hunt also is mulling lengthening a tax on oil and gas producers, the FT reported, citing "people briefed on his thinking".
The Energy (Oil and Gas) Profits Levy took effect for accounting periods beginning on or after May 26. There is a "sunset clause" which removes the levy from the end of 2025.
However, Hunt is considering extending it beyond the end of 2025.
https://www.ft.com/content/147e9952-33db-4ce8-9a12-96065641860e
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