Bank payroll tax

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The bank payroll tax is a new tax that has been introduced in the United Kingdom. The tax comprises a rate of 50% applied to bank bonuses exceeding £25,000 and charged to the employing company. The tax was introduced via legislation in the Finance Act 2010 section 2 and Schedule 1. The tax is non-deductible against corporation or income tax to the company effectively increasing its cost to 69.4% for a company with current taxable profits.

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