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14 Dec 2009
The government could be in line for a £2.5bn boost from its windfall bank bonus tax, with many banks opting to take a one-year hit on the chin rather than cutting bonus pots.
Fears that top staff could flee overseas if their bonuses are cut has forced many banks to accept that there little wriggle room over chancellor Alistair Darling’s one-off 50% tax on bonus payments over £25,000.
PricewaterhouseCoopers reward partner Jon Terry told the Daily Mail that the Treasury may rake in far more than the forecast £550m, a figure that assumes many banks would slash bonuses. The figure could instead rise to as much as £2.5bn, he argues.
'I have not had indications that big banking organisations are going to substantially reduce their bonus pools, for one good reason, said Terry. 'They are operating in an international market.'
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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