What does Tullett Prebon do?

[bedouin]

Of course the recipients are taxed, currently at 50%, but I was suggesting that the level of bonus payment should be used as a basis for at least part of the tax paid by the bank

Actually a number of the bankers are "non-doms" and so pay very little income tax.

It is notable that Bob Diamond -who got such a grilling yesterday - has not taken advantage of that is in effect pays millions of pounds in tax voluntarily, as well as declining a bonus for the last couple of years at least.

But if even that level of restraint is not acknowledged what incentive is there for anyone to show restraint?

 

[mixmaster]

non dom does not mean you don't pay income tax earned in the UK. No matter what your tax status, if you earn in the UK, you get taxed in the UK. I'm a banker with non dom status. Pay 50% on every penny.
Which is waaay too high.

 

[gjgm]

non dom does not mean you don't pay income tax earned in the UK. No matter what your tax status, if you earn in the UK, you get taxed in the UK. I'm a banker with non dom status. Pay 50% on every penny.
Which is waaay too high.

Surely on income over £150k, not on every penny.

 

[bedouin]

non dom does not mean you don't pay income tax earned in the UK. No matter what your tax status, if you earn in the UK, you get taxed in the UK. I'm a banker with non dom status. Pay 50% on every penny.
Which is waaay too high.

I suspect that they have changed the rules somewhat, certainly a few years ago I worked with some non-doms who reckoned they got a very good deal - but I don't know the details. It may have involved some clever asset allocation

 

[jordanbasset]

non dom does not mean you don't pay income tax earned in the UK. No matter what your tax status, if you earn in the UK, you get taxed in the UK. I'm a banker with non dom status. Pay 50% on every penny.
Which is waaay too high.

You need to get a new tax advisor, for this year you should be paying 20% on the first 37,0000 (minus personal allowances), 40% upto 150,000 and only 50% after that. For a small bonus I could assist

 

[gjgm]

You need to get a new tax advisor, for this year you should be paying 20% on the first 37,0000 (minus personal allowances), 40% upto 150,000 and only 50% after that. For a small bonus I could assist

Personal allowances ..earning more than 150K ?

 

[aquaplane]

I wish I paid £100,000 a year tax.

 

[mixmaster]

you can always give your money away if you wish if the fact that you're not paying £100k in tax is a problem.

 

[bedouin]

I wish I paid £100,000 a year tax.

Give to me and I'll happily pass it on to the taxman on your behalf