BusinessCorporate FinanceBank ‘supertax’ could have global reach

Bank 'supertax' could have global reach

50% hit to bonus payments could see non-resident foreigners caught in net as well

Non-residents working for UK banks could also find their bonuses slashed by
the 50% tax unveiled last week in the pre-Budget report.

Tax experts say the vague wording of the proposal, which forces banks to pay
a 50% tax on all bonuses over £25,000, could mean employees based overseas who
jet into the UK are also caught in the net, the
Financial Times
reported.

Arun Birla, head of UK tax at law firm Paul Hastings told the paper: “This is
extremely worrying. The new legislation is shifting the tax nexus to the UK and
opening a transatlantic can of worms.”

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