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Bonus super tax 'to generate £2.5 billion'
Accountancy News |
08/03/2010
The government's super tax on banker bonuses will generate more than £2.5 billion for the economy, it has been reported.
According to the Financial Times, the measure will help provide a significant funding windfall for the government ahead of the general election.
Back in December, chancellor Alistair Darling said the payroll surcharge on all bankers' bonuses would generate receipts of £550 million.
He announced that all performance-related incentives above £25,000 would face a one-off 50 per cent charge.
Mr Darling is likely to direct the surplus into "small targeted measures" when he delivers his Budget statement later this month.
The Financial Times says money could be pumped into emerging industries or the ongoing fight against youth unemployment.
In a recent study of 16 leading banks carried out by the news provider, 11 institutions claimed they would be paying more than £1.5 billion in bonuses this year.
Posted by Stephen Wilkinson
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