Morrison & Foerster Explores New UK ‘Bank’ Payroll Tax

The other day, the British government may have stumbled on a simple, straightforward solution to perceived excessive executive pay: a 50 percent bank payroll tax, payable by banks on bonuses payable to their employees. The details are important, of course, and the Morrison & Foerster law firm is out with a client alert that explains, among other things, that the tax has a wide application and applies “to many businesses” operating in the financial services and banking sectors – not just banks.

The firm’s alert is available at http://www.mofo.com/news/updates/files/091209New_Levy_on_Employee_Bonuses.pdf.