Natwest and Nationwide set for biggest profit hit from Healey’s bank tax raid

Natwest, Nationwide and Lloyds are set to feel the biggest hit to profit from John Healey’s bank tax raid, analysts have said.  The trio of British banks, which have a larger domestic focus than their peers HSBC and Barclays, are the most exposed to Healey’s doubling of the surcharge, according to analysts at RBC. The levy sits on top of corporation tax and was raised to six per cent in the Budget for 15 months, which is expected to raise an extra £1.5bn for the Treasury. Analysts at RBC estimate Natwest and Nationwide will both face a four per cent hit to net attributable profit (NAP) in the next financial year following the tax hike. Bank’s NAP measures the portion of post-tax earnings available to the firm’s investors. The FTSE 350 bank index rallied after the tax increase undershot what was initially feared. But the index finished the day broadly flat as investors digested the move. “We expect that a proportion of this tax increase will be passed on to cus