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January 16, 2013

Goldman backs down on UK bonus delay

“In the face of withering criticism Goldman Sachs has abandoned a plan which would have allowed bankers to benefit from a cut in the top rate of income tax by delaying UK bonus payments until after the new UK tax year.

The Wall Street bank decided at a board meeting on Tuesday not to press ahead with the proposal after the governor of the Bank of England attacked the proposal.

The idea – first reported by the Financial Times on Sunday – would have seen the payment of the deferred portion of Goldman’s UK bonuses from the last three years delayed from February until early April, potentially saving bankers tens of millions of pounds in tax. The top rate of tax falls from 50 per cent to 45 per cent on April 6.”
Read full Financial Times article here
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