Sunday, January 3, 2010

Non-bankers Escape Tax but Bankers DON’T

The British Government wants banks to stop paying huge bonuses to their employees and so they have levied 50% tax on bonuses above £25,000. This is going to continue on the bonuses rewarded until April 2010. The government could not decide whether to include non-banking finance companies like insurers, assets managers and stock brokers; hence they are expected to escape the banking payroll system if possible. Sameday loans for unemployed individuals are fast, unemployed people suffering from bad credit can apply for same day cash loans.

Some finance companies gave the definition of what exactly falls under the banking sector and HMRC had to some how accept their complaint as it did not exclude all the groups they intended to exclude. This kind of banking pay roll was introduced by Chancellor Alistair Darling to make sure the banks avoid paying big amount of bonuses to their staff and use that money for gaining profits to build up their reserves.

The bonus tax from now on is applied to High Street Banks, building societies, investment banks and banking groups. This entire decision of the HMRC was well accepted by the bankers and there is hope that this will certainly clarify who will be caught by the legislation.

Other Related Post:

1% rise in National Insurance, 14bn pound would be price paid




1 comment:

  1. Poor employees, they will not receive their bonuses but lucky unemployed people who have bad credit standing.... they can apply for a cash loan that is very fast processing...

    http://localseolution.com

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