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PPI: UK banks could face further bonus tax

UK banks could be hit by further taxes on staff bonuses and be required to disclose more salary details, it has been revealed.

The Sunday Times newspaper has reported that Chancellor George Osborne is under growing pressure to eradicate the lavish bonus culture which is prevalent throughout the British banking sector.

One potential measure to reduce banker bonuses is the re-introduction of the 50 per cent tax on bonuses, which was introduced by the previous chancellor Alistair Darling.

Mr Darling's one-off tax required firms to give 50 per cent of all bonuses over £25,000 to HM Revenue & Customs, with the remaining funds taxed as income.

Furthermore, the government is also reconsidering the possibility of forcing all firms to reveal the exact salary breakdown of employees who earn over £1 million.

Mr Osborne is allegedly at odds with business secretary Vince Cable over the disclosure rulings, with the Chancellor seemingly reluctant to implement such legislation and Mr Cable opposed to a lack of transparency.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance ADNFCR-2776-ID-800274884-ADNFCR

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