City bankers face contracts scrutiny
Reports suggest banks are becoming more and more concerned about April briefing from HMRC, suggesting a tax crackdown
The Revenue is set on a clampdown on complicated contracts for international
City workers that allow them to avoid tax, reports suggest.
City workers who have complicated remuneration arrangements that allow them
to be paid in different countries according to different contracts, and thus
attract lower tax rates, are apparently under greater scrutiny.
The Revenue announced its intention to move on the dual contracts issue in
April of this year. Some banking sources are reported to be fretting about the
move, and have threatened the Revenue with moving activities abroad if the tax
climate becomes less favourable as a result.