From Withers LLP, tax planners to the rich’s Pre Budget report, talking about the bank payroll tax:
As drafted, the proposed legislation will catch family offices, UK investment managers of hedge funds, private equity funds and many more, not just the banks who received financial support (directly or indirectly) from the UK taxpayer. It is understood this is not necessarily the Treasury’s intention and it remains to be seen whether the scope of the legislation will be restricted and targeted at just those banks. This potential confusion is unwelcome, and it is hoped it will be reviewed properly by Parliament, particularly given the potentially wide impact of this measure.
Shurely some mistake?
Dream on Withers: I doubt it. I think it was meant to cover all those things – and good news too!