UK to indemnify Cyprus's bank tax
Source: AFP |
March 18, 2013, Monday
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Print Edition
Print Edition
BRITAIN will compensate any British government and military personnel whose bank accounts in Cyprus are subject to an EU bailout levy, Finance Minister George Osborne said yesterday.
"For people serving in our military, for people serving our government out in Cyprus we are going to compensate anyone who is affected by this bank tax," Osborne told BBC television.
A Treasury spokeswoman confirmed the compensation will apply only to government and military staff and not the British expatriate community in Cyprus, which numbers thousands of people.
The announcement comes after media reports that 3,500 British military and civilian personnel would be affected by the unprecedented tax on savings that is being levied as part of Cyprus's bailout by the European Union.
"For people serving in our military, for people serving our government out in Cyprus we are going to compensate anyone who is affected by this bank tax," Osborne told BBC television.
A Treasury spokeswoman confirmed the compensation will apply only to government and military staff and not the British expatriate community in Cyprus, which numbers thousands of people.
The announcement comes after media reports that 3,500 British military and civilian personnel would be affected by the unprecedented tax on savings that is being levied as part of Cyprus's bailout by the European Union.
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