BusinessCompany NewsGreen Budget: City bonuses to fall further

Green Budget: City bonuses to fall further

The chancellor this afternoon closed a legal loophole that will impact massively on City workers' bonuses.

Link: Pre-Budget special report

p>The trusts, which are usually stored tax free in offshore havens are used to pay out Christmas bonuses to City employees. With forthcoming changes these bonuses will now be taxed, further reducing the already dwindling payouts.

Alastair Kendrick of Ernst & Young told Accountancy Age: ‘It’s going to be a grim Christmas for a lot of our City workers. The chancellor is really sticking the knife in where it hurts.’

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