IMA WELCOMES REVISED GUIDANCE BY HMRC ON SCOPE OF BANKERS' BONUS TAX

Responding to HM Revenue and Customs' (HMRC) revised guidance this morning on the scope of the proposed bank payroll tax, Richard Saunders, Chief Executive of the Investment Management Association (IMA), said:

"We welcome this further clarification by HMRC of the scope of the proposed bank payroll tax, which addresses the issues we have raised with the Government. The additional guidance clearly indicates that the final legislation will ensure that asset and fund management firms will not be liable to pay this tax."

-ENDS-

Notes to the Editor:

HMRC's announcement can be viewed here: Bank payroll tax (PDF 39K)

(Responses to some questions: additional text; new Q&As 22 to 27).

About the Investment Management Association
The IMA is the trade body for the UK's £3 trillion asset management industry.  The money its members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.  Its role is to represent the industry and promote high standards. 

For further information, please contact:
Noreen Shah, Press Officer, IMA, 020 7831 0898
Ginny Broad, Head of Communications, IMA, 020 7831 0898 or 07834 089332

Email: press@investmentuk.org