Union leaders have added pressure on government?s for their handling of bankers? bonuses, by claiming that changes to the tax system could help raise just under ?2 billion per year.
In the TUC?s Bonus Season report, the union have said that corporation tax relief for pay and bonuses worth more than ten times the average earnings should end in the banking and finance sector.
The report claims that stopping the relief on earnings more than ?262,00 would raise ?1.7billion per year, which would pay back the deficit created by the financial crash.
Brendan Barber, the General Secretary of the TUC, said: ?Irresponsible banks played the biggest part in causing the crash. But while the rest of us are still paying a heavy price, banks have gone back to business as usual with eye-watering bonuses for their top staff.
?It is only right that they share these with the rest of us, and making the top bonus pool liable for corporation tax means they would pay a little more towards clearing up the mess they made.
?We should not forget they have enjoyed a level of state support no other industry could dream of, including an ?850 billion bailout from taxpayers and the Bank of England.
?Scrapping corporation tax relief for earnings over ?262,000 will help pay off the deficit and tackle the growing pay divide that has seen a tiny minority of super-rich individuals receive inflation and performance-busting pay rises while everyone else suffers real-terms wage cuts.
?The Chancellor should use his budget to end the privileged status that the financial services sector enjoys at the expense of everyone else by announcing this new tax on excessive pay and bonuses, as well as taking proper steps to reform our failed executive pay culture.?
The Bonus Season report, uses data from the Labour Force Survey to show the total pay and bonuses to staff earning more than ?250,000 is ?6.8bn; and it found over a third of employees earning more than ?250,000 per year within the UK, work within the banking and finance sectors.
Source: http://www.salhanaccountants.co.uk/blog/?p=141
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