HMRC collects £3.4bn in bankers' bonus tax raid
Taxman's monthly statistics shows levy on bankers bonuses generates £3.4bn in revenue, almost seven times more than the orginal £550m estimate
The bankers’ bonus tax has raked in more than £3.4bn, the taxman has
thought the clampdown would raise £550m, but HMRevenue & Customs
confirmed the haul in its latest update for the UK’s tax receipts.
The government promised the banking industry that the levy, which demanded
50% of bonuses above £25,000, was a one-off.
However, deputy prime minister Nick Clegg has threatened a second emergency
tax on bank bonuses if bankers award themselves “unjustified” payouts in the
approaching bonus season.
The sum collected from bonuses is close to half of the £7.7bn HMRC collected
in UK VAT receipts during August.