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BUDGET 2010: Bank bonus tax nets twice as much as expected

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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There are 3 comments at the moment, we would love to hear your opinion too.

  1. To be fair, this turned out to be a better idea than everyone said at the time…(shame about most of his other ideas)

  2. 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?

  3. 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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