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.
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
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states