Sir Mervyn King, governor of the Bank of England, had criticised the idea
‘Goldman Sachs has backed down from a plan to delay UK bonus payments until after the new UK tax year, which would have allowed bankers to benefit from a cut in the top rate of tax from 50 to 45%.
‘The Wall Street bank decided at a compensation committee meeting on Tuesday that it should not press ahead with the proposal. The idea – first reported by the Financial Times on Sunday – would have seen the payment of the deferred portion of bonuses from prior years delayed from February until after 6 April.
‘News of the plan prompted a flurry of criticism from lawmakers and even from within the banking industry.'
Sir Mervyn King, governor of the Bank of England, had criticised the idea
‘Goldman Sachs has backed down from a plan to delay UK bonus payments until after the new UK tax year, which would have allowed bankers to benefit from a cut in the top rate of tax from 50 to 45%.
‘The Wall Street bank decided at a compensation committee meeting on Tuesday that it should not press ahead with the proposal. The idea – first reported by the Financial Times on Sunday – would have seen the payment of the deferred portion of bonuses from prior years delayed from February until after 6 April.
‘News of the plan prompted a flurry of criticism from lawmakers and even from within the banking industry.'
