Banks fight HMRC over £200m bonuses bill

TWO MAJOR investment banks will join forces to fight the taxman over a £200m bill for unpaid tax on employees’ bonuses.

The UK arms of UBS and Deutsche Bank will appear together before a tax tribunal in February 2012, the Telegraph reports.

Both banks used offshore schemes in 2004: Deutsche used a Cayman Islands investment scheme to pool £92m of bonuses in a company that was later wound up, with the shares distributed to individuals; and UBS funneled £100m through a trust company in Jersey.

UBS has paid back more than £50m to the taxman.

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