The UK's tax authority has confirmed that its proposed one-off tax on bankers' bonuses next year will not affect other financial companies – specifically excluding fund managers, insurers, prime brokers and pensions managers from its scope. Financial News sets out the details below.

HM Revenue & Customs put out the statement late on Friday, saying the 50% tax - which applies to bonuses over £25,000 (€28,051) would not apply to "non-banking companies outside of banking groups, for example, insurance companies, asset managers, stockbrokers etc".