Tuesday, December 24, 2013

Austerity for some - Tax cuts for others

Britain’s highest paid bankers are on course to receive an income tax cut of almost £100 million this year following George Osborne’s decision to reduce the top rate from 50p to 45p.  The top rate was cut for earnings over £150,000 in April this year.

 2,714 bankers who earn more than £800,000  will share a £98.5m windfall – an average tax cut of £36,303 each. The calculations are based on the latest figures from the European Banking Authority (EBA), which relate to 2012. The EBA figures showed that total remuneration for the highest earning bankers in Britain was £2,377m, an average of just under £1.6m each. They also showed that the amount paid in bonuses to UK bankers was almost four times more than that paid in fixed pay.

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