Bank payroll tax
Encyclopedia
The bank payroll tax is a new tax that has been introduced in the United Kingdom
. The tax comprises a rate of 50% applied to bank bonuses exceeding £25,000 and charged to the employing company. The tax was introduced via legislation in the Finance Act 2010 section 2 and Schedule 1. The tax is non-deductible against corporation or income tax to the company effectively increasing its cost to 69.4% for a company with current taxable profits.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. The tax comprises a rate of 50% applied to bank bonuses exceeding £25,000 and charged to the employing company. The tax was introduced via legislation in the Finance Act 2010 section 2 and Schedule 1. The tax is non-deductible against corporation or income tax to the company effectively increasing its cost to 69.4% for a company with current taxable profits.