This represents a fourth rise since the bank levy was introduced, the last one having come in November 2011. There is a deliberate reference to the increase taking account of the additional reductions in the corporation tax rate, but whether the bank levy rate will continue to increase as a direct result of a reduction in corporation tax rates is not clear.
"The introduction of a GAAR is not about changing the outcomes of tax cases. ... As demonstrated by the Chancellor's reference to tax avoidance as "morally repugnant", this is all about changing attitudes and behaviour."
"...it will catch companies quoted on the London Stock Exchange (such as REITs) and widely held collective investment funds. On the other hand it does not catch some esoteric overseas entities which don't fall within this definition."
"The proposal to charge non-UK companies to CGT on residential property is potentially worrying. Although the announcement is grouped with the SDLT and annual charges on dwellings costing more than £2m there is nothing in the announcement that limits it to those buildings. If it is intended to apply to all residential buildings this will have a major impact, not only on funds and holding companies which only invest in residential property but also for such vehicles that own commercial property with some incidental residential accommodation, such as apartments above shops or offices. I assume that the change is not intended to go that far but hopefully this will be made clear very quickly."
"A number of us in the office have spent considerable time speculating as to how a number of existing popular video games would have to be modified in order to qualify as "culturally British". Presumably "Grand Theft Auto" would need to be renamed "Taking and Driving Away"."