UK Raises Bank Tax Surcharge to 6% for 15 Months From 2027
The surcharge rises from 3% to 6% from January 2027 through March 2028. The Treasury estimates the change will raise about £1.5 billion to help fund energy-bill support.
As part of the UK government's latest budget, Treasury chief John Healey announced that the bank corporate tax surcharge will increase from 3% to 6% for 15 months, effective from January 2027. This measure is designed to help the government manage economic conditions and fund immediate support for energy bills, with the Treasury estimating it will raise approximately £1.5 billion. Barclays, as a major UK-based financial institution, is directly subject to this tax policy change. The surcharge, originally introduced in 2016, will remain in effect under these new terms until the end of March 2028.