Here’s an amendment to the Finance Bill that should be discussed today (but sadly, you can be sure won’t be):
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Inquiry into a banking transactions tax
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Caroline Lucas
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Mr Graham Allen
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Richard Burden
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Jonathan Edwards
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Hywel Williams
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Mr Elfyn Llwyd
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To move the following Clause:—
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‘(1)
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It shall be the duty of the Chancellor of the Exchequer to appoint a committee of inquiry to report within 6 months on the practical action necessary to introduce a banking transactions tax.
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(2)
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For the purposes of subsection (1), a banking transactions tax is a tax, charged at the rate of 0.005 per cent of the value of the transaction, on
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(a)
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foreign exchange dealings in sterling, and
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(b)
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derivative, swap, bond and over the counter trading,
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where the economic substance of the transaction arises in the United Kingdom or the place where the transaction is recorded is the United Kingdom.’
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Richard Murphy on tax, accounting and political economy
I already get gouged on forex transactions. This would make it even worse. Why should I have to pay tax on account of the banks AGAIN?
Wouldn’t it be better to charge them a wealth tax based on their capital? (Although they surely would find a way to stick me with the bill).