BUDGET 2010: Bank bonus tax nets twice as much as expected
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The Chancellor Alistair Darling has revealed that the one-off 50 per cent tax on bank bonuses announced in the pre-Budget report has netted £2bn –more than twice as much as was expected.
Delivering the Budget speech today, Darling (pictured) also revealed that the Government had recouped £8bn in fees and charges from the state-aided banks and pledged to get back all the money taxpayers have invested in them.
The Chancellor also pointed out that, as well as the bonus tax, high-earning individuals working for the banks would also be hit by the 50 per cent rate of income tax announced in the pre-Budget report.
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Readers' comments (3)
Dale Tranter | 24 Mar 2010 2:27 pm
To be fair, this turned out to be a better idea than everyone said at the time...(shame about most of his other ideas)
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Peter Turner | 24 Mar 2010 6:00 pm
Presumably that means the banks paid twice as much in bonus as they anticipated too.
Is that a win for the shareholders if the shareholders are the taxpayers?
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Paul HArding | 25 Mar 2010 8:00 am
Peter is right.
Darling announced he was imposing the tax in order to encourage banks NOT to pay bonuses, so they could rebuild their balance sheets etc...so yet again, a solution that didnt work for the problem it was trying to solve...story of this govt throughout
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