Becky Rees and Liz Morgan of the Tax Department of Pinsent Masons LLP take a look at the new bank payroll tax
The papers have been full of headlines castigating the bankers for the parlous state of the country's finances. Alistair Darling has responded in the Pre-Budget Report by offering the banks a choice between maintaining their capital on the one hand and paying bonuses to their employees on the other. The sting in the tail is that if the banks pay bonuses over £25 000 the bank itself will suffer a 50% charge; this is the so-called bank payroll tax (BPT).
There has been much commentary in the press about the merits or otherwise of the tax and we do not propose to discuss these questions here. Instead we...
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Becky Rees and Liz Morgan of the Tax Department of Pinsent Masons LLP take a look at the new bank payroll tax
The papers have been full of headlines castigating the bankers for the parlous state of the country's finances. Alistair Darling has responded in the Pre-Budget Report by offering the banks a choice between maintaining their capital on the one hand and paying bonuses to their employees on the other. The sting in the tail is that if the banks pay bonuses over £25 000 the bank itself will suffer a 50% charge; this is the so-called bank payroll tax (BPT).
There has been much commentary in the press about the merits or otherwise of the tax and we do not propose to discuss these questions here. Instead we...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
