New banking bonus clampdowns will hit the attractiveness of the UK as a place
for financial services, and banks were already planning to duck the tax.
The introduction of a 50% tax on bankers’ bonuses – to be paid by the banks –
could put the UK at a competitive disadvantage, said A&M Taxand managing
director Ian Fleming.
“Neither France or Germany have implemented anything similar so it puts our
industry at a competitive disadvantage.”
He warned that banks were already looking at tax planning around the new
requirements – and it would be hard to draft legislation to stop the shift.
“How do you define ‘banks’, or ‘bonuses’?”
Employers’ status and their contracts would be looked at by banks,
potentially shifting bonuses into salaries, he added.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
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