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05 Dec 2011
TWO MAJOR investment banks will join forces to fight the taxman over a £200m bill for unpaid tax on employees' bonuses.
The UK arms of UBS and Deutsche Bank will appear together before a tax tribunal in February 2012, the Telegraph reports.
Further reading
Both banks used offshore schemes in 2004: Deutsche used a Cayman Islands investment scheme to pool £92m of bonuses in a company that was later wound up, with the shares distributed to individuals; and UBS funneled £100m through a trust company in Jersey.
UBS has paid back more than £50m to the taxman.
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Visitor comments Add your comment
pay your taxes!
The world is changing...social injustice will not last forever.
Posted by: james, 05 Dec 2011 | 11:35
Deutche Bank needs the cash
Clearly as the British government keeps telling us, we must pay top level remuneration in order to attract the best people. We do expect however that such remuneration will be properly taxed and asccounted for. Comedian Al Murray encapsulates it all - where would we be with too many rules? - Germany ! In other words "Don't do as we do but do as we say" These banks should not be immune from properly accounting for tax - get real.
Posted by: Zorba, 06 Dec 2011 | 09:34