Crackdown on City bonuses 'boosts Revenue'
The crackdown on City bonuses announced by the chancellor in his pre-Budget report has reportedly provided the Inland Revenue with a £500m windfall.
According to The Observer, sources at the Revenue claim that recent efforts to close tax loopholes – which were timed to coincide with January’s round of bonuses – have been a success.
The Revenue has had to contend with much speculation in recent times over just how much tax is avoided by high-net-worth individuals.
City bonuses were allegedly worth about £1.5bn last year.