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

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