TIMES ONLINE: Alistair Darling is preparing to introduce a punitive new tax on bankers’ bonuses in a Pre-Budget Report that will draw the battle lines for the next general election.
The Chancellor is expected to argue that, because billions of pounds of public cash was used to bail out the financial sector, taxpayers have a right to a larger share of bankers’ payouts.
Accountants expressed doubts over the practicality of such a tax, claiming that it could breach human rights.
Yesterday Mr Darling said that voters would expect “the broadest shoulders to bear the greatest burden” when it came to restoring the public finances. Although final details have yet to be agreed, it is understood that he has bowed to pressure from Gordon Brown and is considering a supertax on individual bankers who receive bonuses over a certain level.
John Whiting, tax partner with PricewaterhouseCoopers, said that it was unprecedented for a particular occupation to be targeted in this way. “This is difficult on several levels,” he said. “It smacks of discrimination.” >>> Francis Elliott, Deputy Political Editor, and Patrick Hosking, Financial Editor | Monday, December 07, 2009
MAIL ONLINE: 'Super tax' on bank bonuses: After fury over huge payouts, Alistair Darling to target City fat cats >>> James Chapman | Monday, December 07, 2009
BBC: Banks criticise plans for windfall tax on bonuses: British banking chiefs have reacted angrily to news the Treasury is considering a one-year windfall tax on bonuses paid to some UK-based bankers. >>> | Monday, December 07, 2009
