View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
December 11, 2009

FT: Treasury clarifies bonus tax victims

By Spear's

The Treasury has backed away from controversial plans to apply the 50 per cent supertax on bank bonuses to those awarded to investment and hedge fund managers working within banks.

The Treasury has backed away from controversial plans to apply the 50 per cent supertax on bank bonuses to those awarded to investment and hedge fund managers working within banks.

HM Revenue and Customs is clarifying the tax proposals unveiled this week in Alistair Darling’s pre-Budget report after an outcry from banks with big asset management subsidiaries, such as JPMorgan.

New wording is expected shortly from the Revenue, which has been working with the Investment Management Association to reassure asset managers that they are not caught by the new payroll levy.

“The policy intent is to catch banking,” a Treasury spokesman said yesterday. The 50 per cent levy on any bank paying bonuses of £25,000 or more was not intended to apply to hedge fund managers or asset managers within banks if they operated independently of the rest of the bank.

To read the full story, visit ft.com

Content from our partners
Stoneweg, Icona, and CBH Strengthen Partnership with Cromwell Acquisition, Adding €4 Billion AUM to Stoneweg
Why investors should consider investing in nature
HSBC Global Private Banking: Revisiting your wealth plan as uncertainty abounds

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network