View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
December 15, 2009

Times: N M Rothschild to face bonus tax

By Spear's

The Government is expected to extend the scope of its controversial banker bonus tax to ensure that the City house of N M Rothschild and other banks with non-standard year-ends do not slip through the net, The Times has learnt.

The Government is expected to extend the scope of its controversial banker bonus tax to ensure that the City house of N M Rothschild and other banks with non-standard year-ends do not slip through the net, The Times has learnt.

Rothschild, which has operated in the heart of the City for two centuries, had been set to avoid the tax because, unusually among UK investment banks, it pays its annual bonuses in June, two months after the temporary tax is due to end on April 5 next year.

The Treasury is expected to extend the tax to placate rival banks, which argue that the timing quirk unfairly benefited Rothschild, and to forestall any accusations of favouritism. For decades Rothschild has been a close adviser to British governments and John Kingman, the senior Treasury official who helped to orchestrate the bank rescue programme and went on to head UK Financial Investments, which owns the state’s bank stakes, is joining Rothschild shortly.

To read the full story, visit timesonline.co.uk

Content from our partners
Finding a purpose for family wealth during uncertainty 
Porto Montenegro: Adriatic Elegance Tailored to You
Family office gold rush in Hong Kong

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network