TaxPersonal TaxLabour denies talk of tax attack on City bonuses

Labour denies talk of tax attack on City bonuses

Government sources scoff at fears that Labour will increase City bonus taxation

Senior government figures have played down fears that Labour will levy
additional tax on City bonuses following comments from Northern Ireland
secretary Peter Hain
criticising the practice.

Hain said bonuses created a ‘grotesque’ wealth and proposed that recipients
should hand over two thirds of bonuses to deprived communities.

A Labour insider, however, said taxing bonuses did not form part of
Treasury policy,
the FT
reports.

Chancellor Gordon Brown and City minister Ed Balls have both emphasised the
importance of the City to the UK and spelled out how they want the square mile
to remain one of the world’s leading financial centres.

Further reading:

Treasury to promote London as Islamic finance centre

Balls tops AA power list

What’s the
deal with City bonuses?

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