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London Bankers to be hit by bonus super-taxScreams of outrage are emerging from the City of London as bankers face the possibility of a one-off super-tax on their bonuses."It's blatant electioneering from the government," said Ronnie Fox at Fox Lawyers in London. "It's not a clever thing to do - to drive the people who generate money away from the country and discourage them from doing what they need to do."
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Angry Bankers"It's more or less a political gesture to assuage the anger that people feel about banker bonuses," said Stuart Fraser, from the City of London Corporation. "There are huge difficulties trying to apply personal tax just on a single group of people like bankers." |
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Bankers threaten to emigrate"We would hope that the government would not be looking to a regime which would discourage businesses from staying in the U.K.," said Lesley McLeod, a spokeswoman for the British Bankers Association. The association went on to warn of a "brain-drain" from the City of London. |
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Bankers' Human RightsBill Dodwell, the head of taxation at accountants Deloitte, said: "We have had calls from bankers asking about what action they might take under the Human Rights Act. There’s never been a precedent." |
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RBS board threatens to resignState-owned Royal Bank of Scotland wants to pay a total of £1.5bn in bonuses to investment banking staff. The board has threatened to resign if it doesn't get its way.Bonus payments across the sector are predicted to total £6bn this year. |
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£40,000 per familyThe UK finance industry was bailed out by the taxpayer by as much as £850bn or £40,000 per family (National Audit Office figures).Lord Myners, the City Minister, claims 5,000 UK bankers earn £1m-plus a year. 8 December 2009 |
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Update - 50% bonus tax announcedThe UK government announced today that, with immediate effect, banks will pay 50% tax on any bonus worth more than £25,000 it awards to employees. Bonus recipients would then pay income tax on bonuses as normal.The tax will apply to all UK banks and building societies and all branches and subsidiaries of overseas banks. 9 December 2009 |  |
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