BrassTax news

Bank Payroll Tax

The popular conception of the so-called "Bank Payroll Tax" is that it is aimed at clawing back some of the bail-out given to the banking sector. However the detail shows that its net is cast much more widely, and that it may catch many private enterprises which are not "banks" in the sense normally understood and which have never received any government funding. The key questions to ask are:

Are you are an "authorised person" under S31 of FISMA 2000 (or a company in the same group as an "authorised person")?
Do you have employees who are due a non-contractual discretionary bonus relating to any extent to the period from 9 December 2009 to 5 April 2010?
Are you contemplating entering into any new arrangements for remunerating employees over the period?

If you have clients who may be affected (or you think you may yourself be affected) and you would like a more detailed briefing note on the Tax please contact us.