$500m bank bonus tax bill for JP Morgan chase

$500m bank bonus tax bill for JP Morgan chase

JP Morgan Chase pays out a cool half a billion dollars for UK bank bonus tax

The one-off UK bank bonus tax cost JP Morgan Chase more than half a billon
dollars.

Revealing better than expected Q2 profits, the US bank said the tax cost it
$550m (£357m). The banks had to pay a 50% tax on bonus payments of more than
£25,000, under measures introduced by Alistair Darling.

Other banks are paying out hundreds of millions of dollars, including Bank of
America, Citigroup and Goldman Sachs.

JP Morgan Chase’s net income climbed to $4.8bn for Q2, from $2.72bn in 2009.

Further reading:

HMRC
releases bank levy consultation

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource