TaxCorporate TaxHMRC collects £3.4bn in bankers’ bonus tax raid

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
annnounced.

It was
originally
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.

Further reading:

Clegg
fires second bonus tax warning at bankers

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

$500m
bank bonus tax bill for JP Morgan chase

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