Britain plans bank profits tax 10 July 2015 4:22PM Ian Rogers In a shift in thinking, Britain's government will impose an annual tax equal to eight per cent of a bank's profits.The tax will be styled as a "surcharge".An existing levy on bank assets will be phased out by 2021. It had raised £1.9 billion each year.The UK Treasury estimates the new profit tax will bring in about £1.7 billion in extra revenue over the next five years.The UK initiative is also of interest as a precedent for Australian policy makers, and one fix for a government in need of an alternative tax mix to solve its still pressing problems with the Senate over 2014 budget measures.