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PPI Claim News - 3/3/2010

 
Bank Charges: Bonus tax quadruples as banks give bumper payouts

Revenue from the supertax imposed on bank bonuses is expected to surpass predicted levels by up to four times as much.

In December 2009, when the chancellor first introduced the bonus tax, which takes a 50 per cent stake on payouts of £25,000 or more, it was expected to raise around £500 million in revenue.

However, as the banks continue to administer bumper reward incentives, this figure has been put up to a potential £2 billion.

Over the past fortnight, the UK's banks have unveiled multibillion pound bonuses for their highest performing staff, based on 2009 performance.

Barclays, the UK's second biggest bank, allegedly plans to give £95,000 each to its top performers after making a £11.6 billion profit last year.

Part-nationalised banks RBS and Lloyds have also administered huge bonus payouts, despite making losses in 2009 of £3.6 billion and £6.3 billion respectively.

The windfall has apparently created a rift between the prime minister Gordon Brown and the chancellor Alistair Darling over where the money should be spent, with the latter hoping to attack the UK's record-breaking deficit, according to the Telegraph.

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