Europe, Financial, News

UBS & Deutsche Bank Lose Bonus Tax Challenge

UBS & Deutsche Bank Lose Bonus Tax Challenge

UBS and Deutsche Bank may have to pay tens of millions of pounds to HM Revenue & Customs after the supreme court ruled that bonus schemes operated by the investment banks are not exempt from tax. “In our society, a great deal of intellectual effort is devoted to tax avoidance,” said Lord Reed, delivering the ruling.

“The firms tried to exploit tax exemptions on restricted securities by awarding staff bonuses comprised of shares in offshore companies set up especially for reward”

~ The Guardian

The UBS and Deutsche Bank schemes, he added, were designed to “to avoid the payment of income tax on bankers’ bonuses”. The firms tried to exploit tax exemptions on restricted securities by awarding staff bonuses comprised of shares in offshore companies set up especially for rewarding employees.

Related Reports: The Guardian, Bloomberg, Financial Times

 

About UBS

Headquartered in Zurich and Basel, the UBS Group is a global firm providing financial services to private, corporate and institutional clients. The UBS Group is present in all major financial centers and has offices in over 50 countries. The UBS Group employs approximately 60,000 people around the world. The UBS Group’s historical roots stretch back more than a century.

Visit: UBS

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank




The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Previous ArticleNext Article