CC wins advisory role on potential challenge to bankers' bonus tax
Clifford Chance (CC) has taken a lead role advising the Global Financial Markets Association (GFMA) and Association for Financial Markets in Europe (AFME) on a potential legal challenge to the bankers' bonus tax. CC is advising the representative bodies on the possibility that banks will take legal action against the UK Government for its Bank Payroll Tax, which was implemented last month.
January 21, 2010 at 06:22 AM
2 minute read
Clifford Chance (CC) has taken a lead role advising the Global Financial Markets Association (GFMA) and Association for Financial Markets in Europe (AFME) on a potential legal challenge to the bankers' bonus tax.
CC is advising the representative bodies on the possibility that banks will take legal action against the UK Government for its Bank Payroll Tax, which was implemented last month.
Although CC is not representing either body on a specific legal challenge, the firm is advising on the feasibility of a potential challenge, and whether it could be brought under European competition laws.
The Bank Payroll Tax, introduced by the Government at the start of December, is a taxation of 50% on bankers' bonuses worth £25,000 or more.
A spokesperson for the GFMA and AFME said: "On behalf of its members, AFME is exploring a number of issues surrounding the bonus tax, of which its legality is one. Clearly AFME cannot do this without taking legal advice. There has been no decision on whether or not a legal challenge to the tax will be forthcoming.
"AFME and GFMA are taking advice from CC – the firm has not been retained to pursue a legal challenge."
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