Darling imposes 50% tax on Bankers bonuses...
Posted by: Tarquin Maynard - Portly on 09 December 2009
Good man!
Chancellor Alistair Darling has imposed a 50 per cent tax on all banker bonuses over £25,000.
The Chancellor said it was only fair to impose this tax on banks who pay out more than £25,000 in individual bonuses because all UK banks have benefited from the taxpayers’ bailouts and fiscal measures.
The move was widely predicted today and is expected to raise £0.5bn. It is a one-off levy.
Darling also said he would put in place anti-avoidance measures to prevent banks from getting around the tax.
Posted on: 11 December 2009 by shoot6x7
I remember being approved for a $400,000 mortgage ... there was no way i could afford to make the monthly payments !
In the end I could afford upto half of that amount ...
Posted on: 11 December 2009 by Polarbear
quote:
Give the Bankers their bonuses, but pay it in share option that cannot be cashed in for say three years
I think you will find that some of the banks are already doing this. Bonuses are being paid by either share options or loan note redeemable at some point in the future. One obvious claus in the notes is they must retain employment during the period.
Posted on: 11 December 2009 by Howlinhounddog
quote:
I think you will find that some of the banks are already doing this. Bonuses are being paid by either share options or loan note redeemable at some point in the future. One obvious claus in the notes is they must retain employment during the period
Don't I know it PB, my other half is in just that position. Somehow it doesn't seem to hold true for those further up the food chain though, at least in her particular part of the buisiness
Posted on: 11 December 2009 by Stephen Tate
Good to see the bankers get their cockoo bonuses taxed.
If they want to go elsewhere, let them...traitors anyway. Trouble with most banks is - realizing it's not their money to begin with.
Posted on: 12 December 2009 by GraemeH
quote:
Originally posted by tonym:
Ahh! To go back to the good old days when we were manufacturers...
Alas, the world's moved on and we're now in a global market, with cheaper manufacturing available elsewhere which companies have to use if they're to remain competitive.
Our recent wealth has been built on banking and for us to recover we need to relay on this sector, much as we might dislike the idea. There's no tangible product we can understand, yet finance is essential for the world economy. So let's get rid of the very people who have the potential to help us recover & let other nations
make the money instead?
I'm with Jim on this.
I'm not advocating a return to anything, simply that the evidence supports that nations with balanced economies are performing better through the recession than UK PLC with all its eggs largely in one basket of virtual finance.
Posted on: 12 December 2009 by Trevor
None of the banks that still owe the tax payer money should pay bonuses.
This money should go straight back into paying their debt off.
If the government owns such a high percentage of these banks why don't they just stop it.
Or does the government want the tax so they can fritter it away on their outlandish expence claims.
Posted on: 12 December 2009 by Mat Cork
The husband of my wifes friend is hedge fund manager (whatever that is)...he's had no bonus this year.
Now then, his four kids are all at Oundle School (as day students) costing about £20k per kid per year. They are having to pull their belts in to avoid having to send their kids to the (extremely good) local comp.
So have a heart...these people have their kids unfair advantage to fund.
