RBS fights Treasury over bonuses paid offshore
Bonuses paid into an offshore trust raises ire of the Treasury
Bonuses paid into an offshore trust raises ire of the Treasury
The Royal Bank of Scotland is set to argue the Treasury’s stance on a scheme
whereby a group of City traders had their bonuses paid into an offshore trust.
The Treasury is arguing the traders are trying to avoid paying income tax and
NIC on their six-figure bonuses, according to
guardian.co.uk
The scheme reportedly involved the bonus being paid into an offshore trust
and cash being paid to the spouses of the traders – from RBS Sempra Metals, as
‘loans’.
It has been reported an RBS spokesman said that bonus payments into the Isle
of Man ceased when it took over control of Sempra Metals, but a high court
appeal against the tribunal ruling continued.
Further Reading:
RBS
sheds more than 2,000 back-office jobs
Former
financial regulator to lead City bonus inquiry
More about:
The numbers you crunch tell a story. Your expertis...
15yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleAccountancy Age speaks to Mel Stride, the new Financial Secretary to the Treasury, about Making Tax Digital, what to expect from the Summer Finance Bi...
View articleMarkets can be expected to respond positively to US policy changes on the horizon, according to investment director at a boutique investment business ...
View articleThe Treasury is consulting on how businesses remunerate their staff to assess whether companies are artificially using benefits in kind to avoid tax R...
View articleLevy will apply to drinks with total sugar content above 5 grams per 100 millilitres, with a higher rate for more than 8 grams per 100 millilitres Rea...
View articlePromise to improve existing telephone services and slash call waiting times by recruiting 800 new call centre staff Read More...
View articleHMRC terminates bonus scheme used by major banks to avoid PAYE and NIC payments, and is now on the hunt for an additional £30m in avoided tax Read Mor...
View articleOil and Gas UK calls on government to reform special taxes paid by the industry after revealing that exploration for North Sea reserves remains at an ...
View articleTreasury Select Committee chairman Andrew Tyrie confirms investigation into UK's tax system following Google's £130m settlement with HMRC Read More...
View article