Bloomberg Tax
Feb. 27, 2020, 5:23 PM

Credit Suisse Wins Appeal Against Hike in U.K. Banker Bonus Tax

Hamza Ali
Hamza Ali
Senior Reporter International Tax

Credit Suisse employees have avoided paying 83 million pounds ($107 million) in extra taxes on top of what they had already paid on bonuses, with the announcement Thursday that the Swiss bank has won an appeal against the U.K. tax authorities.

The banker payroll tax (BPT) was a temporary 50% tax on bonuses above 25,000 pounds. Introduced in 2009 by then-Chancellor of the Exchequer Alistair Darling, it came amid widespread anger over pay levels in an industry blamed for the country’s economic woes.

  • A Feb. 11 ruling from Britain’s First-Tier Tribunal (Tax), published Thursday, found that Her Majesty’s Revenue and ...

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