Large banks are concerned the UK “supertax” on bonuses could apply to employees who work frequently in the country but do not reside there, adding to the fiscal burden of groups with international operations.
Executives and tax experts say the vague wording of the measure, which requires banks to pay a 50 per cent tax on all UK bonuses above ￡25,000 this year, raised fears it might encompass non-UK residents.
Other experts say the levy is likely to apply only to employees of banks' UK subsidiaries, arguing it would be difficult to tax banks on the basis of staff without a UK tax code.
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