LONDON (Reuters) - The surcharge tax on profits of Britain’s banks should be scrapped and the reduced scope of the existing levy on bank balance sheets introduced sooner than planned, a top banking industry official said on Thursday.
Anthony Browne, chief executive of the British Bankers’ Association, said taxes on banks should be “normalised”.
The date for reducing the scope of the levy on banks’ balance sheets, introduced after the financial crisis, should be brought forward to the current parliament, he told the BBA’s annual conference in London.
A separate surcharge on banks’ profits should be a temporary measure, he said.
“The banking corporate tax surcharge should be phased out as soon as possible,” Browne said.
Reporting by Huw Jones, editing by John Geddie