British expats angry over Cyprus bank levy

Close to 60,000 British expats living on the island, along with 3,000 UK army personnel, are liable for the tax. As ATMs run out of money and limits are imposed on withdrawals, many expats have been left without cash for basic living or business needs. The levy means that savers in Cyprus with up to €100,000 on deposit will be charged a one-off tax of 6.75%. Savers with a balance above that sum will be charged 9.9%. UK Chancellor, George Osborne, told the BBC, that British troops in Cyrpus and Brits resident on the island serving the UK government, would be compensated for any bank ta...