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Feature: The UK supertax debate
05 January 2010
The UK chancellor Alistair Darling announced the introduction of a new tax on bonuses paid by banks
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UK bonus tax
banks
Darling
During his Pre-Budget Report speech, the UK chancellor Alistair Darling announced the introduction of a new tax on bonuses paid by banks. He stated that his objective for introducing this new tax was to deter the banks from paying out their resources to employees and to encourage them instead to “rebuild their financial strength and increase their lending”.
The details of the new tax are that it is payable by banks, building societies and financial businesses on the excess over £25,000 on all discretionary and contractual bonuses awarded by banks, building societies and financial businesses to their employees between 9 December 2009 and 5 April 2010. The employees affected within these businesses are dictated by the nature of the work they undertake according to a list of specified activities, although the categories appear to be very broad. The tax is payable at a rate of 50% but it is not...
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