Not sure if you classify as a banker in the eyes of the UK government? Scared you might be subject to Alistair Darling’s 50 per cent levy on banker bonuses even though you work at a hedge fund?
Well here’s some from detail from HMT on exactly who might fall under the very generic term of “banker”:
An individual will be a Relevant Banking Employee of a Taxable Company if that individual is employed by the Taxable Company in a “Banking Employment” and either the individual is resident in the United Kingdom in the tax year 2009/10 or performs duties of the Banking Employment at any time in that year wholly or partly in the UK. For this purpose, Banking Employment means an employment which wholly or mainly involves duties that relate either directly or indirectly to activities that are “Relevant Regulated Activities”.
If the individual is not employed by a Taxable Company, the individual may still be regarded as a Relevant Banking Employee. This would be the case if the individual personally performs “Banking Services” for a Taxable Company under arrangements involving another person, rather than under a contract directly between the individual and the Taxable Company, and the individual would be a Relevant Banking Employee of the Taxable Company if the Banking Services were provided under a contract directly between them.
In the meantime, if your answer is “Yes, I am a banker in the government’s eyes”, here’s a view on how your bonus might be affected.
(H/T another friendly reader who we think probably knows what he’s talking about):
Related links:
Banks hit by 50% tax on bonus payouts – FT
Darling raises NI from 2011 – FT
Banker tax unveiled – FT Alphaville