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On 26 June 2013, the European Parliament and Council of the European Union passed the "EU banker bonus cap", [8] [9] which took effect on 1 January 2014. [10] In December 2013, the European Banking Authority issued a final draft regulation to determine who a "material risk taker" is, which was expected to take effect in the first half of 2014. [11]
Now, with Liz Truss as Prime Minister, her new finance minister Kwasi Kwarteng wants a 'Big Bang 2.0', a reference to deregulating Britain's stock market in the 1980s, with scrapping the bonus cap ...
The controversial decision will remove the limit on bankers’ annual pay-outs that was introduced by the European Union after the financial crisis. Axing bankers’ bonus cap could fuel pre-2008 ...
There's an old banking adage, dating back from the 1950s or so, that is known as the 3-6-3 rule. In short, the rule describes how bankers made their money and structured their day. Read: How to ...
The term 3-6-3 Rule describes how the United States retail banking industry operated from the 1950s to the 1980s. [1]: 51 The name 3-6-3 refers to the impression that bankers had a stable, comfortable existence by paying 3 percent interest on deposits, lending money out at 6 percent, and being able to "tee off at the golf course by 3 p.m." [1]: 51 [2]
As stated in Finance Act 2010 schedule 1 part 1 “Bank payroll tax is chargeable on the aggregate of the amounts of chargeable relevant remuneration awarded during the chargeable period or in respect of relevant banking employees of a taxable company by reason of their employment as relevant banking employees.“
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In the 2009 Pre-Budget Report, the Labour Chancellor of the Exchequer, Alistair Darling announced a temporary tax on bankers' bonuses, [2] which required banks to pay 50% of all bonuses above £25,000 as a tax. This tax was equivalent to a 33.3% income tax.