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Employment Tax and Banks

Stephen Woodhouse Tax Partner Deloitte highlights some of the key employment-related tax issues facing financial institutions and the banking sector in particular
The financial services industry and the investment banking sector in particular has been the focus over the last decade for an ongoing debate between the major employers and HMRC supported by professional advisers on one side and constantly changing — and potentially retrospective — legislation on the other. The debate has been fuelled by press coverage of some of the larger reported bonus amounts in the context of the 'fat cat' debate and the wider role of the City.
This does not mean that financial institutions are solely concerned with reducing tax and NICs on bonus pools. As will be seen there is a wide...

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