TaxCorporate TaxInstitutions could look at banking definition to avoid new tax

Institutions could look at banking definition to avoid new tax

Are we banks? Some financial institutions will ask the question to look to avoid bankers' bonuses tax

The bankers’ bonus tax will drive some financial institutions to seek legal
advice on whether they can duck the tax by claiming they are not banks.

While they don’t expect wide-scale litigation to counter the tax, some will
look to challenge the authorities if they are targeted.

There will be scope for the current provisions to be challenged,
Mishcon de Reya lawyer
Daniel Naftalin told the FT.

Ronnie Fox, founder of law firm
Fox,
said he doubted whether the 50% tax on bank bonuses of more than £25,000 would
lead to challenges.

Further reading:

PBR
09: Darling doesn’t care if bankers duck bonus tax

Related Articles

Watch out when winding up

Corporate Tax Watch out when winding up

2w Emma Rawson, ATT Technical Officer
How might Brexit affect UK tax policy?

Brexit & Economy How might Brexit affect UK tax policy?

2w Santhie Goundar
Corporation tax losses – your newly flexible friends

Corporate Tax Corporation tax losses – your newly flexible friends

3m Emma Rawson, ATT Technical Officer
HMRC large business tax enquiry duration rises to 3 years

Corporate Tax HMRC large business tax enquiry duration rises to 3 years

3m Emma Smith, Managing Editor
SMEs paying higher rate of corporation tax than big businesses

Corporate Tax SMEs paying higher rate of corporation tax than big businesses

4m Alia Shoaib, Reporter
Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

7m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

7m Alia Shoaib, Reporter