VAT and corporation tax changes in 2011 will mean that banks could soon be paying a lower tax rate than consumers, basic rate taxpayers and small businesses, the TUC said ahead of the increase in VAT to 20 per cent.
With banks able to get away with paying as little as 19 per cent corporation tax in 2011 - thanks to their exploitation of numerous loopholes, plus a cut in the headline rate this April - high street shoppers will end up paying more tax on their purchases.
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http://www.tuc.org.uk/economy/tuc-18968-f0.cfm
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