The tax rate, higher than the top level of income tax, would apply on bonuses above £20,000, according to the BBC’s Robert Peston. Given that banks traditionally shell out billions every year on bonuses for high-flying execs, the move is likely to rock the industry at a time when it is already at odds with the chancellor. The news is expected to come in today’s pre-Budget report, unveiled by Darling from 12.30pm today. He hopes it will be well received by the public, although the City has accused him of being ‘popularist’. Entrepreneurs may well be relieved that the headline tax increase today will not affect them. But with the devil often hiding in the detail, there could be some nasty shocks yet. Related articles:All the PBR news here on Real BusinessDarling to banks: ‘Invest in small firms’BCC calls for cuts across the board
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.