SCHEDULES
SCHEDULE 1Bank payroll tax
Part 1The tax
“Relevant remuneration”
4
1
“Relevant remuneration”, in relation to a relevant banking employee of a taxable company, means anything that—
a
constitutes earnings (within the meaning of section 62 of ITEPA 2003) in relation to the employee's employment by the taxable company as a relevant banking employee, or
b
while not constituting earnings, constitutes a benefit provided by reason of that employment.
2
Whether or not the relevant banking employee is chargeable to income tax in respect of anything is irrelevant in determining whether or not it is relevant remuneration.
3
Excluded remuneration is not relevant remuneration.