Santander UK faces a £120m hit from banking surcharge
The impact will be equivalent to 0.6% of the entire group's net profit in 2027 and is due to the British Government's decision to raise the sector's profit tax from 3% to 6%.
Santander UK faces a gross cost of around £100 million due to the UK government's decision to increase the tax on sector profits from 3% to 6%. The measure, announced in the new budget, is expected to impact the sector by £1.475 billion over 15 months. According to RBC Capital Markets, the impact on Santander's global profit will be 0.6% in 2027, with an estimated hit of £80 million for the group that year. The tax increase is intended to help alleviate the rising cost of living in the UK.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
