Application of bank payroll tax clarified

HM Revenue & Customs has published a document clarifying which companies are affected by bank payroll tax, thus reducing the number of companies initially caught by announcement in last month’s pre-Budget report.

The report states: “The bank payroll tax announced at PBR 2009 applies to retail and investment banks (including building societies), and to banking groups. It does not apply to non-banking companies outside of banking groups (for example, insurance companies, asset managers, stockbrokers etc.).

Read the full document at: hmrc.gov.uk/pbr2009/bank-payroll-18-12.htm

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