TaxCorporate TaxRBS fights Treasury over bonuses paid offshore

RBS fights Treasury over bonuses paid offshore

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

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