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

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