JPMorgan Chase faces £100m-plus tax bill from Healey raid

JPMorgan Chase will pay additional taxes of between £100m and £150m as a result of the corporation tax surcharge hike announced by John Healey in his budget on Wednesday - a bill which could renew doubts about the construction of its new London headquarters.

Sky News has learnt that the US-based banking behemoth will pay at least £100m more in UK taxes after the chancellor doubled the surcharge from 3% to 6% for what he described as "a time-limited" period of 15 months.

The measure is expected to raise close to £1.5bn in total from the banking industry, according to Treasury documents published alongside the budget.

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UK-headquartered lenders including Lloyds Banking Group and NatWest Group are likely to be hit by additional bills of well in excess of £250m, according to analysts.

Shares in the major UK banks rallied as Mr Healey announced the scale of the increase, which was less draconian than had been feared in the weeks leading up to the budget.

"Our world-leading banks make a huge contribution to this country, in the tax they pay, in the jobs, industry and investment they support," he said.

"As chancellor, I want to say directly to our banks, I celebrate and am grateful for the role you play.

"And amid global economic storms, I am looking to our banks to help fund breathing space for British families."

Of the major international banks operating in Britain, JPMorgan's reaction will be the most closely watched as it progresses plans for a new three million square feet headquarters in London with capacity for 12,000 people.

One analyst said that based on its UK profitability, the doubling of the surcharge would add more than £100m to the bank's tax liabilities.

The bank has insisted that the development project and its UK tax bill are unconnected, although Jamie Dimon, JPMorgan's chairman and chief executive, has met senior politicians regularly to argue against a further tax raid on the banking industry.

In a statement responding to Mr Healey's speech, the bank said the tax rise "lacks principle".

"We are committed to the country, and we recognise the cost-of-living challenges there and the global economic headwinds that it faces, but to single out this industry for additional taxes again, one of the UK's biggest generators of growth and jobs, lacks principle," it said.

"It also overlooks that the banking industry operates in a highly competitive global marketplace."

JPMorgan Chase is expected to submit a planning application for the Canary Wharf site shortly - heralding one of the biggest-ever investments by an overseas company in the UK.

Another bank executive said: "A less bad punch in the face is still a punch in the face.

"The chancellor has established a very troubling precedent.

"It sends a terrible long-term signal that governments will come back and do this again and again.

"The view of investors is that once this principle has been conceded, no sector is safe."

Mr Healey sought to present Britain as an attractive destination for global investors in his speech, although he paved the way for tax hikes for foreign sovereign investors in Britain.

In his Commons speech, he also confirmed a Sky News report that the next major international investment summit would take place in Gateshead in the spring of next year.

The budget documents, however, said the summit would take place in Newcastle.

(c) Sky News 2026: JPMorgan Chase faces £100m-plus tax bill from Healey raid