TaxCorporate TaxCredit Suisse bonus move could be “tax avoidance”: Lord Oakeshott

Credit Suisse bonus move could be "tax avoidance": Lord Oakeshott

Investment bank incurs the wrath of Treasury spokesman Lord Oakeshott after paying 400 staff "discretionary leadership awards"

Treasury spokesman Lord Oakeshott has reacted angrily to investment bank
Credit Suisse giving out bonuses to 400 executives less than five months after
the government’s
50%
bankers’ levy closed.

Lord Oakeshott said the move could be interpreted as “sophisticated and
aggressive tax avoidance” after Credit Suisse told staff that an unscheduled
one-off bonus, termed discretionary leadership awards” would be awarded.

Lord Oakeshott, said: “This could be sophisticated and aggressive tax
avoidance.”

“If so, Credit Suisse managing directors are laughing all the way to the bank
with an exceptional bonus and the British taxpayer is out of pocket.”

Credit Suisse said in a statement to
the
Guardian
: “We are committed to remaining competitive in the UK. We are
recognising the commitment of our UK leadership team with a discretionary
leadership award. The award is long-term in nature, deferred over three years,
tied to … performance of the bank and is subject to clawback provisions.”

Further reading:

Bankers
facing new tax hit on profits and pay

Related Articles

Watch out when winding up

Corporate Tax Watch out when winding up

1m Emma Rawson, ATT Technical Officer
How might Brexit affect UK tax policy?

Brexit & Economy How might Brexit affect UK tax policy?

1m Santhie Goundar
Corporation tax losses – your newly flexible friends

Corporate Tax Corporation tax losses – your newly flexible friends

3m Emma Rawson, ATT Technical Officer
HMRC large business tax enquiry duration rises to 3 years

Corporate Tax HMRC large business tax enquiry duration rises to 3 years

4m Emma Smith, Managing Editor
SMEs paying higher rate of corporation tax than big businesses

Corporate Tax SMEs paying higher rate of corporation tax than big businesses

4m Alia Shoaib, Reporter
Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

7m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

8m Alia Shoaib, Reporter