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Close Brothers sees 5 percent rise in tax rate from financial year 2017

Published 24/07/2015, 07:39
© Reuters.  Close Brothers sees 5 percent rise in tax rate from financial year 2017

(Reuters) - British lender Close Brothers Group (L:CBRO) said it expected an increase in its effective tax rate of around 5 percent in financial year 2017 due to the latest tax surcharge.

The company, which lends to small and medium-sized businesses and gives investment management advice, said it expected limited impact on 2016 financial year as the surcharge would be mitigated by a one-off benefit from the revaluation of deferred tax assets.

UK introduced a new 8 percent surcharge on bank profits from Jan. 1, 2016.

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