HSBC Not Expecting UK To Change Its Bank Levy Policy Before 2015

According to Reuters report, HSBC Holdings plc (NYSE:HBC) (LON:HSBA) indicated that it doesn’t expect Britain to change its bank levy policy before the general election due in 2015. HSBC anticipates that it might have to pay about $800 million on the tax during 2013. The bank levy is taken as a percentage of a UK bank’s consolidated balance sheet and of a foreign bank’s UK assets. According to HSBC Holdings plc (NYSE:HBC) (LON:HSBA), the levy has unfairly hit banks with big overseas operations. Last year HSBC paid $571 million towards bank levy. However with higher tax rate, this levy is expected…