Finance Bill 2012 Schedule 20
Finance Bill 2012 – Schedule 20: Banking Levy
Schedule 20 of the UK Finance Bill 2012 introduced the banking levy, a tax specifically designed to target the balance sheets of banks and building societies operating within the UK. Its primary aim was to ensure that the financial sector, having benefited significantly from taxpayer support during the 2008 financial crisis, contributed towards the stabilization of the UK economy and paid a fairer share of tax. The levy effectively acted as a tax on the aggregate value of certain liabilities on a bank’s balance sheet.