TaxCorporate TaxBarclays accused of using pension savings to fund bonus tax

Barclays accused of using pension savings to fund bonus tax

Accounts show cash saved from closing pension scheme and funding one-off bonus tax closely match

Barclays bank is accused of using money saved from the closure of its pension
scheme to offset bonus tax.

The bank made a net annual profit of £221m last year from closing its final
salary scheme to existing members, almost exactly the same amount as the £225m
tax it paid to cover the £2.2bn of incentives to staff, the
Daily
Telegraph
reported.

The news could spark outrage from branch workers who balloted to strike over
the removal of their benefits especially as it matches the “one-off” bonus tax

A spokesman told the Telegraph: “The changes to the Barclays pension
scheme were made before the end of 2009 and hence before any decisions were made
regarding discretionary compensation or the [bonus] tax.”

Further reading:

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HMRC
cracks down on tax avoidant smokers

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