JackanorySFC Posted 13 January, 2011 Share Posted 13 January, 2011 A good friend of mine that works for a well known Investment Bank in the City has been told his bonus today. over £300k, a record for him thanks to the hard graft on top of high intelligence and a knack of making his clients and his emplyers millions of pounds. The disgusting thing is that he will be paying 52% tax on it, bang out of order when the workshy types that can only be bothered to get a crappy job after failing at School pay less than 20%! The top 1% of earners (anyone over £150k per year) will pay 27% of the tax in this country according to HMRC. If I was him I'd move to Switzerland! Link to comment Share on other sites More sharing options...
Verbal Posted 13 January, 2011 Share Posted 13 January, 2011 This is a joke, right? Link to comment Share on other sites More sharing options...
Baj Posted 13 January, 2011 Share Posted 13 January, 2011 No doubt... but I'm sure someone will bite... Link to comment Share on other sites More sharing options...
buctootim Posted 13 January, 2011 Share Posted 13 January, 2011 Go on then, I'll nibble. Which bank? Link to comment Share on other sites More sharing options...
Special K Posted 13 January, 2011 Share Posted 13 January, 2011 I think Dune's place as "Poster most likely to wind up Lefties" is under some serious competition. Link to comment Share on other sites More sharing options...
Joensuu Posted 13 January, 2011 Share Posted 13 January, 2011 A good friend of mine that works for a well known Investment Bank in the City has been told his bonus today. over £300k, a record for him thanks to the hard graft on top of high intelligence and a knack of making his clients and his emplyers millions of pounds. The disgusting thing is that he will be paying 52% tax on it, bang out of order when the workshy types that can only be bothered to get a crappy job after failing at School pay less than 20%! The top 1% of earners (anyone over £150k per year) will pay 27% of the tax in this country according to HMRC. If I was him I'd move to Switzerland! Here here! In fact I think that the fact anyone pays tax is a travisty. Of course by 'anyone' I exclude all those workshy types who earn less than £50k, plebs, they should be taxed more heavily for their lazy antics. Of course the plebs won't like it, but someone has to pay to keep the crime rate down, and the roads in good condition so that us banker-class can safely drive back to our estates in our sports cars. So long as we don't mention that bail out nonsense, you know when us lot needed the proles to cough up to balance the books eh, less said about that unfortunate incident the better. Now where did I leave my medication? Link to comment Share on other sites More sharing options...
trousers Posted 13 January, 2011 Share Posted 13 January, 2011 Good to see bankers paying more money back to the Exchequer. The more they get paid the quicker the country recoups Labour's debt. Win win. Link to comment Share on other sites More sharing options...
angelman Posted 13 January, 2011 Share Posted 13 January, 2011 http://carlminns.blogspot.com/2011/01/bankers-bonuses.html I thought that this was quite a good blog. The most pertinent question is : With this in mind should this profit go to the shareholders or the people who have helped create it? Link to comment Share on other sites More sharing options...
Weston Super Saint Posted 13 January, 2011 Share Posted 13 January, 2011 My opinion..... If it's a bank that has had a 'bail out' from the Gov't, then there should be no bonuses paid until the amount of the bail out, plus appropriate interest has been paid back, that's fair right? However, it's more likely to be from an investment bank, rather than a high street bank, so providing the individual and the bank itself are paying appropriate taxes, then fair play to the guys and gals for earning such huge bonuses. They will have earnt those bonuses on money made for the company - thus taxable profits - so more money goes to the exchequer to help get us out of the financial hole that has been dug for the country. I guess the people who really do think that the bankers making large bonuses are just jealous that they aren't one of them. Link to comment Share on other sites More sharing options...
trousers Posted 13 January, 2011 Share Posted 13 January, 2011 The top 1% of earners (anyone over £150k per year) will pay 27% of the tax in this country according to HMRC. The inconvenient truth for socialists.... ;-) Link to comment Share on other sites More sharing options...
Joensuu Posted 13 January, 2011 Share Posted 13 January, 2011 The inconvenient truth for socialists.... ;-) Not being a socialist I guess I'm not well placed to question you, but, why is this inconvenient? Also, wonder what % of tax the top 1% of earners manage to avoid paying? Link to comment Share on other sites More sharing options...
buctootim Posted 13 January, 2011 Share Posted 13 January, 2011 (edited) The top 1% of earners (anyone over £150k per year) will pay 27% of the tax in this country according to HMRC. If I was him I'd move to Switzerland! According to IFS its 12.8% of income tax not 27% of total tax take - two very different figures. They do however own 22% of UK wealth. So the owners of 22% of the wealth pay 12.8% of the tax. Hmm. Edited 13 January, 2011 by buctootim Link to comment Share on other sites More sharing options...
Pancake Posted 13 January, 2011 Share Posted 13 January, 2011 If it's a bank that has had a 'bail out' from the Gov't, then there should be no bonuses paid until the amount of the bail out, plus appropriate interest has been paid back, that's fair right? Interesting, but not for me. Why should Doris on the Counter, who has performed above her role not be given a nice 5% bonus? Or Tim in IT, who worked weekends for 3/4 of a year on major projects that have saved the Bank millions not be given some cash for his work? Or Steve the HR rep, he had to deal with a load of **** but still got 100% positive feedback in his reviews... why no bonus for him? Link to comment Share on other sites More sharing options...
Joensuu Posted 13 January, 2011 Share Posted 13 January, 2011 Interesting, but not for me. Why should Doris on the Counter, who has performed above her role not be given a nice 5% bonus? Or Tim in IT, who worked weekends for 3/4 of a year on major projects that have saved the Bank millions not be given some cash for his work? Or Steve the HR rep, he had to deal with a load of **** but still got 100% positive feedback in his reviews... why no bonus for him? Good point. Perhaps bonuses should be capped at say 8% of salary up to a maximum of say £10k? Link to comment Share on other sites More sharing options...
Weston Super Saint Posted 13 January, 2011 Share Posted 13 January, 2011 Interesting, but not for me. Why should Doris on the Counter, who has performed above her role not be given a nice 5% bonus? Or Tim in IT, who worked weekends for 3/4 of a year on major projects that have saved the Bank millions not be given some cash for his work? Or Steve the HR rep, he had to deal with a load of **** but still got 100% positive feedback in his reviews... why no bonus for him? Because the only reason why they were able to continue to perform their jobs, and thus be in a position to achieve their statistics is because the bank was bailed out by the Gov't - the rest of us tax payers. I get your point but just think that ANY bonuses being paid out in the banks that took money from the Gov't [us], should not be allowed until that debt has been repaid. I guess that sucks for the guys and gals that have performed their jobs but at the end of the day, they are lucky to still have them - while many have lost theirs - due to the bail out their company received. Would you swap a years bonus for the job security the bail out has ensured? Link to comment Share on other sites More sharing options...
Baj Posted 13 January, 2011 Share Posted 13 January, 2011 As admin, and this clearly being a wind up thread, I hereby give permission for this thread to be hijacked Link to comment Share on other sites More sharing options...
angelman Posted 13 January, 2011 Share Posted 13 January, 2011 Actually its 12.8% of income tax not 27% of total tax take - two very different figures. They do however own 22% of UK wealth. So the owners of 22% of the wealth pay 12.8% of the tax. Hmm. The top 10% of earners pay 53% of income tax. But that's by the by. The real target should be those corporations who pay virtually nothing by shifting their profit off shore. Why should the argument of not paying bankers a bonus and see if they move be any different to those companies that pay no/very little corporation tax? And can we all be honest now. This is all about someone earning more than you, and has nothing to do with government bail outs. These discussions have been going on every year for decades. Sure the bail outs have compounded the issue and rightly so, but let's face it, it is jealousy. What I can't understand is why people don't whinge about other professions earning huge amounts. Carlos Tevez on £30m a year? How many bankers earn that? Hedge fund boys do, but not sure how many bankers do. And is there a difference between a bonus paid to a hedge fund manager and a banker? Anyway millions is peanuts, why not try billions....http://www.independent.co.uk/news/business/analysis-and-features/wall-street-eclipsed-as-five-hedge-fund-managers-join-the-1bn-club-444196.html Link to comment Share on other sites More sharing options...
buctootim Posted 13 January, 2011 Share Posted 13 January, 2011 As admin, and this clearly being a wind up thread, I hereby give permission for this thread to be hijacked Im struggling on how to bring tits into this. Link to comment Share on other sites More sharing options...
angelman Posted 13 January, 2011 Share Posted 13 January, 2011 Im struggling on how to bring tits into this. watched Eva Green last night on TV. What a cracking pair! Link to comment Share on other sites More sharing options...
Pancake Posted 13 January, 2011 Share Posted 13 January, 2011 Good point. Perhaps bonuses should be capped at say 8% of salary up to a maximum of say £10k? Amazingly, you will find that 90% of staff at a well known large retail Bank are capped at less than that (6%). Amazingly, it is these 90% of the staff that are the ones that havent taken risks, lost money, performed badly etc... they are the ones that have worked like ****ers to make sure they keep their jobs when the Bank are binning thousands of staff. The other 10%, lets not go there. Link to comment Share on other sites More sharing options...
badgerx16 Posted 13 January, 2011 Share Posted 13 January, 2011 I am going to send my wife to Switzerland, and then claim all my tax liabilities fall to her. Link to comment Share on other sites More sharing options...
buctootim Posted 13 January, 2011 Share Posted 13 January, 2011 The top 10% of earners pay 53% of income tax. But that's by the by. The real target should be those corporations who pay virtually nothing by shifting their profit off shore. Why should the argument of not paying bankers a bonus and see if they move be any different to those companies that pay no/very little corporation tax? And can we all be honest now. This is all about someone earning more than you, and has nothing to do with government bail outs. These discussions have been going on every year for decades. Sure the bail outs have compounded the issue and rightly so, but let's face it, it is jealousy. What I can't understand is why people don't whinge about other professions earning huge amounts. Carlos Tevez on £30m a year? How many bankers earn that? Hedge fund boys do, but not sure how many bankers do. And is there a difference between a bonus paid to a hedge fund manager and a banker? Anyway millions is peanuts, why not try billions....http://www.independent.co.uk/news/business/analysis-and-features/wall-street-eclipsed-as-five-hedge-fund-managers-join-the-1bn-club-444196.html Its not about envy. Im not in the top 1% but comfortably in the top 10%. As Im paid as a contractor by a US organisation but live in the UK there are numerous ways for me to dodge (ie legally avoid) UK income tax, but I dont. I dont demonise bankers because the whole issue of renumeration in many fields is vexed. I have absolutely no problem with entrepreneurs running their own companies making as much as they can, thats a good thing. They risk their own money and if they get it right they take the profits, and suffer the personal losses if they dont. The issue of employees getting huge bonuses gambling their employers resources is different because there is no real penalty for failure. Running a public service organisation for £850,000pa (BBC) is equally wrong imo. Link to comment Share on other sites More sharing options...
Baj Posted 13 January, 2011 Share Posted 13 January, 2011 Im struggling on how to bring tits into this. I think enough tits will be drawn to this thread. Link to comment Share on other sites More sharing options...
Joensuu Posted 13 January, 2011 Share Posted 13 January, 2011 (edited) And can we all be honest now. This is all about someone earning more than you, and has nothing to do with government bail outs. Whoooah there angel. Let's knock this one on the head. This has nothing to do with wage jealousy, its all to do with what sort of country we want to live in. The 90% least well off don't earn enough money to pay for 90% of the public services of the country. Reduce the tax paid by the richest 10% and the overall quality of our country would be reduced: higher crime rates, more obvious social depravation, significantly impoverished education and health care etc. Would the richest 10% really want to continue living in a country like that? If they do, they are more than welcome to hop on the first flight to the US of A. Question is, what sort of country do you want to live in? One where the richest help foot the medical bills of pensioners? Or one where the poorest are left to fend for themselves? Sure there is a legitimate argument that money is squandered by the public sector (something I've seen plenty of examples of first hand). There is also a legitimate argument about what degree of social support discourages work. Wage jealousy, however, doesn't factor into the thought process. It's a cheap shot, that is regularly recited by those on the right when they find their argument untenable. Edited 13 January, 2011 by Joensuu Link to comment Share on other sites More sharing options...
dune Posted 13 January, 2011 Share Posted 13 January, 2011 A good friend of mine that works for a well known Investment Bank in the City has been told his bonus today. over £300k, a record for him thanks to the hard graft on top of high intelligence and a knack of making his clients and his emplyers millions of pounds. The disgusting thing is that he will be paying 52% tax on it, bang out of order when the workshy types that can only be bothered to get a crappy job after failing at School pay less than 20%! The top 1% of earners (anyone over £150k per year) will pay 27% of the tax in this country according to HMRC. If I was him I'd move to Switzerland! Unlike the vast majority on here i'm a realist. We need to keep London competitive with fierce competition from Shanghai, Bombay etc. The Socialist types on here keep going on about the reckless lending and I completely agree that credit became far too accessable to the wrong people at the wrong levels, but it was the incompetent Labour Party that led by example in this country. Gordon Brown (the idiot) proclaimed that boom and bust was a thing of past - the good times were never going to end. Un-f()cking-believeable. I knew that was b0ll0cks, any sensible person would have known it was b0ll0cks - not least because it was a Labour Chanceller/Prime Minister saying it. We, as a nation, cannot afford to lose our place as the hub of global finance without a fight. Socialist ideologies have already screwed this country up from our heyday as the global superpower, and the irony is that China and India are taking their inspiration from the Britain of old. People in this country need to wake up and the Conservative Party needs to start acting more like the Conservative Party of old. Forget the whingeing Socialist types - they just shout louder than anyone else. Britain is, and always has been a right wing nation, and it's about time the right wing fought back. In 2015 vote for Britains future - Vote Conservative. Link to comment Share on other sites More sharing options...
Joensuu Posted 13 January, 2011 Share Posted 13 January, 2011 I think enough tits will be drawn to this thread. I think you've been proven right, suprised it took 50 minutes though... Link to comment Share on other sites More sharing options...
angelman Posted 13 January, 2011 Share Posted 13 January, 2011 Buct - employees being remunerated for gambling their employers money? Possibly, but shouldn't that be predominantly their customers' money? S Joensuu - I disagree. Maybe it is the papers trying to get everyone excited, but over the last decade or more, there has always been a huge focus on the bonuses paid to the city, with bankers specifically being the target more recently. I feel (of course as it is a personal outlook, it will differ from others) that the papers do this to highlight the difference between "them and us". I guess it helps sell papers. I got a little confused with your post, but think that the gist of it was what all really should believe in, in that the richer members fund services for all via their taxes. I will stand by what I said about corporation tax avoidance being the biggest problem as they cost the country money. Bankers bonuses don't, and as you have alluded to (I think) go towards paying for services. I know that this link is the tip of the iceberg, but it goes to show what happens all the time, not that I think you need this pointed out to you. http://www.guardian.co.uk/business/2008/may/31/tesco.supermarkets I think that Tesco also did some land deal, selling about £900m worth, where they effectively avoided paying hundreds of millions of pounds of tax. The Grauniad claims that Tesco has avoided paying over £1bn in corporation tax and were sued for it. http://www.accountancyage.com/aa/news/1748311/tesco-sues-the-guardian-avoidance-claims Link to comment Share on other sites More sharing options...
ecuk268 Posted 13 January, 2011 Share Posted 13 January, 2011 Dave Cameron said in the Tory Manifesto that no banker in bailed out banks would be allowed a bonus of more than 2k. http://www.conservatives.com/News/News_stories/2009/02/No_bank_bonuses_over_2000.aspx He wouldn't lie, would he? Oh yeah, he also said "We have no plans to increase the rate of VAT". Link to comment Share on other sites More sharing options...
angelman Posted 13 January, 2011 Share Posted 13 January, 2011 all politicians are the same. come the revolution Link to comment Share on other sites More sharing options...
dune Posted 13 January, 2011 Share Posted 13 January, 2011 I think enough tits will be drawn to this thread. Very amusing, but if you believe in Socialism you do not care for Britain. Ask yourself why Germany is the strongest economy is Europe. In case you don't know i'll tell you. It is because they are fruegal and right wing. If you care about our country and it's people you'd never ever want us to be like Mediteranian Europe or the old eastern block. And i'll repeat that the reason that China and India are now booming is because they are taking their inspiration from great civilisations of old. We have lost our way in this country thanks to Socialism and until the electorate wake up to historical precedents our decline will not be reversed. Link to comment Share on other sites More sharing options...
buctootim Posted 13 January, 2011 Share Posted 13 January, 2011 I will stand by what I said about corporation tax avoidance being the biggest problem as they cost the country money. Bankers bonuses don't, and as you have alluded to (I think) go towards paying for services. I know that this link is the tip of the iceberg, but it goes to show what happens all the time, not that I think you need this pointed out to you. http://www.guardian.co.uk/business/2008/may/31/tesco.supermarkets I think that Tesco also did some land deal, selling about £900m worth, where they effectively avoided paying hundreds of millions of pounds of tax. The Grauniad claims that Tesco has avoided paying over £1bn in corporation tax and were sued for it. http://www.accountancyage.com/aa/news/1748311/tesco-sues-the-guardian-avoidance-claims As many companies become increasingly globalised it becomes easier for them to relocate their centre of operations to whichever country offers the most favourable corporation tax regime. International operations offers huge scope to reclassify and reallocate costs and profits to whichever project or operation offers the maximum tax shelter. And once a few companies do it and add billions to their bottom line, it puts pressure on the rest to follow suit. Short of a global government, which no-one wants, I cant see how individual countries can avoid being screwed over by large companies. Link to comment Share on other sites More sharing options...
badgerx16 Posted 13 January, 2011 Share Posted 13 January, 2011 In 2015 vote for Britains future - Vote Conservative. What happened to UKIP ? Link to comment Share on other sites More sharing options...
angelman Posted 13 January, 2011 Share Posted 13 January, 2011 ...and some might say because they still have a good manufacturing base while ours was destroyed by, some say the Unions and others will say Maggie. Link to comment Share on other sites More sharing options...
badgerx16 Posted 13 January, 2011 Share Posted 13 January, 2011 Very amusing, but if you believe in Socialism you do not care for Britain Better to stay off Internet forums and be thought a complete prat, than to post this sort of drivel and remove the last vestige of doubt. Link to comment Share on other sites More sharing options...
angelman Posted 13 January, 2011 Share Posted 13 January, 2011 As many companies become increasingly globalised it becomes easier for them to relocate their centre of operations to whichever country offers the most favourable corporation tax regime. International operations offers huge scope to reclassify and reallocate costs and profits to whichever project or operation offers the maximum tax shelter. And once a few companies do it and add billions to their bottom line, it puts pressure on the rest to follow suit. Short of a global government, which no-one wants, I cant see how individual countries can avoid being screwed over by large companies. Very true. Can't disagree with you at all there (but still doesn't make it "right"). Link to comment Share on other sites More sharing options...
Patrick Bateman Posted 13 January, 2011 Share Posted 13 January, 2011 Dave Cameron said in the Tory Manifesto that no banker in bailed out banks would be allowed a bonus of more than 2k. http://www.conservatives.com/News/News_stories/2009/02/No_bank_bonuses_over_2000.aspx He wouldn't lie, would he? Oh yeah, he also said "We have no plans to increase the rate of VAT". As good an idea as it is, they wouldn't have got away with. You dictate the bonus of one paricular, small group of people without affecting others. As Pancake said, what about all the hard grafters at the banks who keep it ticking over daily, in IT and the customer facing staff. Should they be limited to £2k as well? What if the "bankers" appealled and the Judge then said that for this rule to apply, no one would get a bonus of more than £2k? Just hypothetically speaking mind. Great idea, but flawed. And yes, it does annoy me that my bonus is halved. But what can I do? Not a lot. Link to comment Share on other sites More sharing options...
buctootim Posted 13 January, 2011 Share Posted 13 January, 2011 Ask yourself why Germany is the strongest economy is Europe. In case you don't know i'll tell you. It is because they are fruegal and right wing. . Lolz. That'll be the titan behind Norway, Luxembourg, Iceland, Netherlands, Switzerland, Ireland, Sweden, Belgium and Denmark. And on an exact par with poor old UK. https://www.cia.gov/library/publications/the-world-factbook/rankorder/2004rank.html?countryName=Germany&countryCode=gm®ionCode=eu&rank=35#gm Link to comment Share on other sites More sharing options...
angelman Posted 13 January, 2011 Share Posted 13 January, 2011 Lolz. That'll be the titan behind Norway, Luxembourg, Iceland, Netherlands, Switzerland, Ireland, Sweden, Belgium and Denmark. And on an exact par with poor old UK. https://www.cia.gov/library/publications/the-world-factbook/rankorder/2004rank.html?countryName=Germany&countryCode=gm®ionCode=eu&rank=35#gm They still be paying the price of reunification, I guess. Link to comment Share on other sites More sharing options...
buctootim Posted 13 January, 2011 Share Posted 13 January, 2011 They still be paying the price of reunification, I guess. Bit like us with Scotland Link to comment Share on other sites More sharing options...
badgerx16 Posted 13 January, 2011 Share Posted 13 January, 2011 It is because they are fruegal ........ FYI, fruegal is a tautological reference to a female; 'frue' being old saxon for a wife or lady ( think of the more modern 'frau' ). Just thought you ought to know. Link to comment Share on other sites More sharing options...
aintforever Posted 13 January, 2011 Share Posted 13 January, 2011 Short of a global government, which no-one wants, That has to the the way it will end up, there has to be some sort of global agreement otherwise there is absolutely nothing stopping the banks and large corporations doing what the hell they like. At the moment individual governments are completely powerless, it is not sustainable. Link to comment Share on other sites More sharing options...
dune Posted 13 January, 2011 Share Posted 13 January, 2011 Better to stay off Internet forums and be thought a complete prat, than to post this sort of drivel and remove the last vestige of doubt. I don't doubt that you think you have our nations best interests at heart, but you are misguided. If you care for Britain and you want to raise the living standards of british people Socialism isn't the answer. Socialism is like buying a band aid cassette to help Africans. It might make you feel good, but what really helps Africans is private investment from overseas. The same principle can be applied nationally in Britain. Handouts might provide a brief respite for the poor, but if you want a sustainable method for raising living standards it can only be achieved through private enterprise and the best way of faciliating this is low taxes for business because if you allow the rich to keep more money in their pockets they will use that money to create more money and that filters down through society. You'll never ever get this though so I know i'm wasting my time trying to talk some sense into you. Link to comment Share on other sites More sharing options...
badgerx16 Posted 13 January, 2011 Share Posted 13 January, 2011 I don't doubt that you think you have our nations best interests at heart, but you are misguided. If you care for Britain and you want to raise the living standards of british people Socialism isn't the answer. Socialism is like buying a band aid cassette to help Africans. It might make you feel good, but what really helps Africans is private investment from overseas. The same principle can be applied nationally in Britain. Handouts might provide a brief respite for the poor, but if you want a sustainable method for raising living standards it can only be achieved through private enterprise and the best way of faciliating this is low taxes for business because if you allow the rich to keep more money in their pockets they will use that money to create more money and that filters down through society. You'll never ever get this though so I know i'm wasting my time trying to talk some sense into you. So in the 1945 General Election, all those that voted for the landslide Labour victory didn't 'care for Britain' ? What exactly had they been doing for the previous 6 years ? Link to comment Share on other sites More sharing options...
badgerx16 Posted 13 January, 2011 Share Posted 13 January, 2011 ....... what really helps Africans is private investment from overseas. This is, of course, nothing to do with your postings on the 'Shares' thread, where you are salivating over the opportunities that might arise in the event of an Ivorean civil war ? Link to comment Share on other sites More sharing options...
dune Posted 13 January, 2011 Share Posted 13 January, 2011 This is, of course, nothing to do with your postings on the 'Shares' thread, where you are salivating over the opportunities that might arise in the event of an Ivorean civil war ? It is what it is. I can't affect the situation, but I can commentate on it. As it goes the situation is airing on the side of a settlement. I know this from the performance of Randgold and Cluff Gold (the latter is where you should put your investment BTW ) and the initial panic has subsided on the markets. At this stage i'm not confident enough to risk my money there when NYO is about to crack on, but the eye of sauron is closely monitoring the situation. http://www.cluffgold.com/Operations/Angovia Link to comment Share on other sites More sharing options...
Viking Warrior Posted 13 January, 2011 Share Posted 13 January, 2011 57% tax is a disgrace. he should work for the skates they pay no tax and its legal Link to comment Share on other sites More sharing options...
Jones91 Posted 13 January, 2011 Share Posted 13 January, 2011 I agree with Dune. Its like a screw, turning left undose everything turning right fixed. Link to comment Share on other sites More sharing options...
dune Posted 13 January, 2011 Share Posted 13 January, 2011 I agree with Dune. Its like a screw, turning left undose everything turning right fixed. I hope you realise you are now on my quote list alongside the greatest people ever to have lived - Winston Churchill, Margaret Thatcher, Ian Smith, Cecil Rhodes, Clive of India and Sir Francis Drake. Link to comment Share on other sites More sharing options...
Jones91 Posted 13 January, 2011 Share Posted 13 January, 2011 I feel like I've just been knighted Link to comment Share on other sites More sharing options...
Clapham Saint Posted 13 January, 2011 Share Posted 13 January, 2011 A good friend of mine that works for a well known Investment Bank in the City has been told his bonus today. over £300k, a record for him thanks to the hard graft on top of high intelligence and a knack of making his clients and his emplyers millions of pounds. The disgusting thing is that he will be paying 52% tax on it, bang out of order when the workshy types that can only be bothered to get a crappy job after failing at School pay less than 20%! The top 1% of earners (anyone over £150k per year) will pay 27% of the tax in this country according to HMRC. If I was him I'd move to Switzerland! He actually "pays" more than 52%. Employers will not base a bonus payment on the amount that the employee will receive but on the cost to the company. The cost to the company will include employers NI at 12.8%. If your friend's nominal bonus is £300k then the cost to the company is actually £338.4k You friend will actually receive: Cost to co: £338.4k Less Employers NI: £38.4k Gives Nominal bonus: £300k Less Income tax at 50%: £150k Less Emplyees NI at 2% (assuming paid after 5 April): £6k Net pay: £144k So the amount paid by the Co £348.4k Amount received by your friend £144k Effective tax rate: 59% If you apply this rate accross the total bank bonuses for this year this represents a HUGE amount into HMRC's coffers. Link to comment Share on other sites More sharing options...
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