Speed Read: The December Pre-Budget Report contained proposals for the 'one-off' bank payroll tax (BPT). HMRC has subsequently attempted to clarify the uncertainties which were readily apparent in the initial draft legislation and has succeeded in resolving some key questions. For instance it is now clear that independent asset managers and brokerage firms are outside the scope of BPT. But some uncertainties still remain and revised legislation is not expected until March/April — after the time when many banks announce their bonuses. This article discusses the developments since BPT was first announced and takes a critical look at some of the issues.
Background
On 9 December 2009 the Chancellor...
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Speed Read: The December Pre-Budget Report contained proposals for the 'one-off' bank payroll tax (BPT). HMRC has subsequently attempted to clarify the uncertainties which were readily apparent in the initial draft legislation and has succeeded in resolving some key questions. For instance it is now clear that independent asset managers and brokerage firms are outside the scope of BPT. But some uncertainties still remain and revised legislation is not expected until March/April — after the time when many banks announce their bonuses. This article discusses the developments since BPT was first announced and takes a critical look at some of the issues.
Background
On 9 December 2009 the Chancellor...
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