Alerts

UK Bank Payroll Tax

Effect Upon UK Asset Management Firms (Including UK Affiliates of US Firms)

December 21, 2009

The UK HM Revenue & Customs (“HMRC”) has issued a “special announcement” on its website clarifying the intended scope of the bank payroll tax (“BPT”) announced in the Pre-Budget Report. It is now clear that the BPT will not apply to employee bonuses paid by UK asset managers (including the UK affiliates of primarily US-based managers).