PwC welcomes HMRC bank tax clarification

22/12/2009 PwC welcomes HMRC bank tax clarification

PricewaterhouseCoopers (PwC) has welcomed the news that HM Revenue & Customs is to exclude a number of financial firms that had been set to be included in the new bank payroll tax.

HMRC announced the decision at the end of last week and PwC approved of the move, but warned that there is still uncertainty over which middle and back-office employees will fall under the new legislation.

"This clarification will be well-received by the many brokerage businesses, private equity houses, commodities firms, asset management and hedge fund companies that should now be excluded from the tax," remarked partner and head of reward at the tax jobs provider Jon Terry.

However, he added that further clarification is needed so as not to create a situation whereby people working at banks will be subject to different rules to those at hedge fund managers or brokerages, despite the fact that they perform similar roles.

The new tax, which was announced in the Pre-Budget Report by chancellor Alistair Darling, will apply to all bonuses over £25,000.

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