Swiss bank Credit Suisse has come under attack from the UK’s shadow chancellor, John McDonnell, for reclaiming £239 million ($298 million) of taxes it paid on bonuses.
The sum relates to a one-off 50% tax on bonuses over £25,000 introduced in 2009 by Alistair Darling, the Labour chancellor at the time.
Go deeper with GlobalData
The UK’s “bonus tax” ran from December 2009 to April 2010.
McDonnell, told the Financial Times: “This is outrageous and Credit Suisse should pay these taxes. People in this country want the rich to shoulder their fair share of responsibilities.”
The tax was paid by banks rather than individual employees. Aidan Robertson, QC, for Credit Suisse, told the High Court in London that Credit Suisse paid a “strikingly unfair” amount.
Nomura, Rothschild and Royal Bank of Canada had avoided the one-off tax because they had paid their bonuses outside the 117-day period when it was in effect, Robertson noted.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe news comes just a week after Credit Suisse was fined HK$2.8m ($3,58,260) by the Securities and Futures Commission (SFC) in Hong Kong for various control lapses.
The case continues in London’s High Court.
