ARTICLE · 25 FEBRUARY 2010

Bank Payroll Tax - An Update

CMS Cameron McKenna Nabarro Olswang

Explore more from CMS Cameron McKenna Nabarro Olswang

Since our previous Law-Now on bank payroll tax, HM Revenue & Customs (HMRC) have made a number of announcements through a list of Frequently Asked Questions and answers which have periodically been updated.

United KingdomTax

Nicholas Stretch

Paul Edmondson

Keith Gregory

Since our previous Law-Now on bank payroll tax, HM Revenue & Customs (HMRC) have made a number of announcements through a list of Frequently Asked Questions and answers which have periodically been updated.

Other key developments since our last Law-Now article are:

asset managers managing external funds are not caught by bank payroll tax. Dealing and arranging deals as agent as part of the discretionary management of the assets of external clients does not amount to banking employment.
payments or awards to employees who visit the UK for 60 days or less in the 2009/10 tax year will not be caught by bank payroll tax.
whilst it has been made clear that the grant of market value options is not caught by bank payroll tax, it is still not clear how awards under a long term incentive plan or other bonus commitments made but not paid after 8 December 2009 but before 6 April 2010 will be valued.

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