Bill Dodwell, head of tax policy at Deloitte, said:
"Chancellor George Osborne delivered the final Budget of this
Parliament. The announcements were fiscally neutral but that masks
significant tax increases on banks which finance reductions for
individuals and the oil and gas sector.
"Banks face a 25% increase in Bank levy, expected to raise
over £900 million annually. They will also no longer be able
to deduct future costs of misselling compensation – costing
over £200 million annually. Bank levy has been increased
eight times since its introduction and is a charge on the size of
the bank's balance sheet. Some 70% is paid by the handful of
large UK-headquartered banks.
"The major drop in the oil price brings overall economic
benefits for individuals and business – but not for the oil
and gas production sector. The government has reacted by cutting
petroleum revenue tax (paid by old fields) from 50% to 35% and
cutting the supplementary charge from 30% to 20%. This
