Part 1 The Tax
Finance Act 2010 (2010 c 13) | Legislation

SCHEDULE 1 Bank Payroll Tax

Section 22

Part 1 The Tax

The tax

1

(1)     This Schedule makes provision for taxable companies to be charged to a tax to be known as “bank payroll taxâ€.

(2)     Bank payroll tax is chargeable on the aggregate of the amounts of chargeable relevant remuneration awarded during the chargeable period to or in respect of relevant banking employees of a taxable company by reason of their employment as relevant banking employees.

(3)     Relevant remuneration awarded during the chargeable period to or in respect of a relevant banking employee of a taxable company by reason of the employee's employment as a relevant banking employee is “chargeable†relevant remuneration only if and to the extent that its amount exceeds £25,000.

Rate

2

Bank payroll tax is charged at the rate of 50%.

“Taxable companyâ€

3

“Taxable company†means a company which—

(a)     is a UK resident bank or a relevant foreign bank,

(b)     is a company not within paragraph (a) which is a member of a banking group and—

(i)     is a UK resident investment company or a UK resident financial trading company, or

(ii)     is a relevant foreign financial

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