UK: City brokers reacte to UK bonus tax

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Tullet Prebon is to help staff wishing to relocate to countries with “more certain taxation regimes” following last week’s announcement of a one-off 50% tax on bank bonuses over £25 000 and the introduction of the 50% income tax rate from April 2010. The bonus tax is to be paid by the banks themselves rather than individuals and according to the BBC, moving abroad will not stop the tax having to be paid since employees are still liable for any bonus paid while working in the UK. Tullett has some 700 brokers in the UK and offices in 21 other countries around the world.

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