The Budget has provided final details of the Bank Payroll
Tax.
The key changes which have been made since the tax was announced
in December last year have been to reduce the scope of companies
and activities caught by the tax. The final change which was
pre-announced the week before the Budget is that companies which
are not deposit takers (deposit takers are automatically caught by
the tax) and which are wholly or mainly conducting relevant
regulated financial activities will only be caught if they:
- are (or would be if they were in the UK) full scope BIPRU 730k
firms; and
- have regulatory capital requirements of £100 million or
more.
Stockbrokers who feared being caught should therefore now be
excluded from the tax and this will be considered the result of
very successful lobbying.
