A selection from Ernst & Young's detailed commentary on the Pre-Budget Report of 9 December 2009
Employment Tax Measures
Bank payroll tax
To no-one's surprise the Chancellor has taken measures against bonuses paid to those in the banking sector. He announced that legislation is to be introduced in the Finance Bill 2010 which will include a bank payroll tax. This tax which will be applicable to bonuses awarded after the announcement on 9 December 2009 to 5 April 2010 (the 'chargeable period') will be set at 50% and payable on a bonus paid to a banking employee to the extent that the bonus exceeds £25 000. All discretionary...
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A selection from Ernst & Young's detailed commentary on the Pre-Budget Report of 9 December 2009
Employment Tax Measures
Bank payroll tax
To no-one's surprise the Chancellor has taken measures against bonuses paid to those in the banking sector. He announced that legislation is to be introduced in the Finance Bill 2010 which will include a bank payroll tax. This tax which will be applicable to bonuses awarded after the announcement on 9 December 2009 to 5 April 2010 (the 'chargeable period') will be set at 50% and payable on a bonus paid to a banking employee to the extent that the bonus exceeds £25 000. All discretionary...
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:
