Insurance companies avoid bonus supertax
HMRC clarifies who will be affected by the 50% bank payroll tax on bonuses over £25,000
HM Revenue and Customs (HMRC) has clarified that insurance companies will not be affected by the 50% bank payroll tax on bonuses over £25,000 announced in the pre-budget report (PBR).
As reported on broking.co.uk, concerns had been raised the draft legislation, which will hit discretionary bonuses awarded between 9 December and 5 April 2010, could potentially catch activities unconnected with banking, such as insurance.
In a statement HMRC said: "Since PBR we have received a number of
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