Bank Payroll Tax

Hartley Foster, Tax Partner, Olswang

It has been confirmed that legislation in Finance Bill 2010 will introduce the bank payroll tax (“BPT”). The Chancellor announced that BPT “has raised £2bn, more than twice as much as was forecast” and, although there was speculation that the tax would be extended, BPT will have effect only from 9 December 2009 until 5 April 2010.

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