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.
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.
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.
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