JP Morgan Chase is expected to pay an additional £100–150 million in UK tax following the government’s increase in the bank tax, Sky News reports.
The surcharge will rise from 3 to 6 percent over 15 months from January 2027, which the government expects to raise around £1.5 billion.
According to Sky News, the higher tax could raise new questions about JP Morgan’s planned London office with capacity for 12,000 people. The bank, however, says the construction project and the tax are not connected and criticises the tax increase.
