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Bank Claims: Treasury boosted by bankers' bonus tax income

The British Treasury has been boosted to the tune of $358 million just by the taxes levied on bonuses given out to JP Morgan Chase staff, it has been reported.

According to newly-published figures from the American banking giant, the 50 per cent rate of taxation levied on discretionary bonuses in excess of £25,000 meant it had to pay this amount over the second quarter of the current year.

In addition, the Daily Telegraph has reported that the tax, which was introduced by the previous government partly in a bid to appease ordinary consumers struggling to pay their bank charges and fed up with seeing bankers pocket huge bonuses, has also generated around the same amount from Goldman Sachs.

At the same time, JP Morgan has reported that its profits for the second quarter were better than it had initially expected.

Net income was seen to climb to $4.8 billion from $2.72 billion over the quarter, though revenues dropped by 6.7 per cent, the newspaper has also reported.

Earlier this month, the European Parliament voted in favour of tough new restrictions on the size and form of bankers' bonuses.

Posted by Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking. ADNFCR-2776-ID-800002682-ADNFCR

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