Accountants To Clean Up With Bonus Tax
As bankers scrabble to avoid it…
The coalition government’s planned CGT rise means bankers could see a doubling in tax on the stock component of their bonuses. Which is good news for lawyers and accountants.
Bloomberg: “This will affect thousands of people in the City,” Mike Warburton, a senior tax partner at Grant Thornton in Bristol, England, said in an interview. “If they are going to tax profits on share schemes, then that will double your tax bill.”
Apparently specialist tax lawyers and their accountant counterparts have seen a mad rush of anxious bankers keen to keep the grubby hands ot the tax man off their assets. There’s a vain hope that bankers’ shareholdings will be classified as business assets and won’t liable to the tax increase. But that would kind of let off one of the very groups politicians want to be seen to be cracking down on. There’s hoping.
