Bonus Clawbacks Are Less Onerous At.......

Credit Suisse Gold

Credit Suisse. That's according to The Financial Times

Although firms like Deutsche Bank can clawback 100% of bonuses paid to senior staff in the event that business losses occur, that's apparently not the case over at Credit Suisse, where the firm will only grab 15% of bonuses for every SFr$1bn (US$1.1bn) in losses incurred by a division.

In the meantime, The London Evening Standard reports that senior UK-based bankers (are there any of them left ?) saw another tax loophole closed in Wednesday's budget.

Apparently City bankers have been able to place significant amounts of their bonus pay into 'Employee Benefit Trusts' (EBT), and have been getting around paying tax at top rates by borrowing from the trusts and never repaying it. Under new legislation, however, any loans made against EBT assets in future will be treated as income for tax purposes. On to the next tax wheeze, then.

Finally, the newspaper also reports that another change in the UK budget will mean that City staff will now be taxed for the 'benefit' of working late at night and having a taxi ride home paid for by their employers. In truth, however, many employers are thought likely to pick up the tax tab too.

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