The one-off UK bank bonus tax cost JP Morgan Chase more than half a billon
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.
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges