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PPI Claim News - 6/1/2010

Loan charges: Bonus tax 'fails to curb banker pay'

The government's one-off bonus tax has been branded a failure, the Financial Times reports.

Announced in last month's Pre-Budget Report, the levy was applied at a rate of 50 per cent on all bonus payments in the financial services sector over £25,000.

However, Treasury aides admit that the many banks have decided to pay the tax instead, allowing their employees to take home full bonuses.

The levy is estimated to raise more than £1 billion, exceeding the government's initial predictions, with some estimating a take of up to £4 billion.

However, government sources expect the figure will be closer to £2 billion, with some banks and their employees still in the process of deciding how to approach the bonus levy.

Recently, the Daily Telegraph reported that many of the 75,000 overseas staff working in the City are considering leaving London to avoid the government's bonus tax, including employees of Deutsche Bank, Goldman Sachs and HSBC.

For help making a PPI Claim, Loan claim, PPI reclaim, or a credit card charges claim then call Belmont on 0845 526 0000 or fill in the Quick Claim box to be sent a PPI Claim form, Loan Claim form, PPI reclaim form or credit card charges form.ADNFCR-2776-ID-19542972-ADNFCR

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