Osborne Says U.K. Banks Will Pay $6.3 Billion More in Tax

December 3, 2014 1:40 PM

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Chancellor of the Exchequer George Osborne said British banks will pay almost 4 billion pounds ($6.3 billion) more in tax over the next five years after he limited the amount of relief they can claim on past losses.

Under the new rules, lenders operating in the U.K. will be limited to claiming 50 percent of tax relief on past losses, Osborne said in his Autumn Statement presented to Parliament in London today. The government will also delay relief on bad debts, he said, helping raise tax income.

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