BusinessCompany NewsDarling admits bank bonus tax ‘failed’

Darling admits bank bonus tax ‘failed’

Former chancellor says 50% bonus tax failed to change behavior, with financiers finding ways around the rules

Former chancellor Alistair Darling has admitted that the tax on bankers’
bonuses he introduced failed as City financiers devised “imaginative” ways to
work around the rules.

Speaking at a financial services conference, Darling said the tax was
unlikely to be reinstated by the current government as “the very people you are
after here are very good at getting out of these sorts fo things” reports the
Financial Times.

The 50% tax on bonuses over £25,000 had also failed to change the behavior of
the industry over pay, he admitted.

Related Articles

MPs blast KPMG over failings at Co-op Bank

Accounting Firms MPs blast KPMG over failings at Co-op Bank

3y Richard Crump, Writer
EY issues emphasis of matter note on Co-op Bank

Audit EY issues emphasis of matter note on Co-op Bank

3y Kevin Reed, Writer
KPMG warns of Co-op Bank’s going concern status

Audit KPMG warns of Co-op Bank’s going concern status

4y Richard Crump, Writer
Two major UK companies announce refinancing

Company News Two major UK companies announce refinancing

4y Kevin Reed, Writer
£4.6bn accounting charge for RBS after “chastening” 2012

Company News £4.6bn accounting charge for RBS after “chastening” 2012

5y Calum Fuller, Reporter
Colin: Mood swings

Company News Colin: Mood swings

5y Taking Stock
Businesses look for alternatives to bank funding

Company News Businesses look for alternatives to bank funding

5y Kevin Reed, Writer
HMV issues going concern warning over covenants risk

Company News HMV issues going concern warning over covenants risk

5y Kevin Reed, Writer