Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

UBS Deutsche Bank said they do not owe taxes

By Kevin Cook Subscribe to RSS | March 15th 2012 | Views:

According to UBS AG (UBSN) and Deutsche Bank AG (DBK), taxes over a 2003 compensation plan are not owed by them, which UK authorities argue that it was designed for avoiding millions of pounds in taxes and national insurance contribution on bonuses of employees. The appeal of these two banks is that separate rulings, in which they were found legally responsible for income and payroll taxes for bonuses which were paid to bankers in shares via an offshore trust in a dispute with UK revenue official four years ago. According to the documents which were revealed on 12th March after the petition of a news agency in court for their release, £49.6 million are owed by UBS on total bonus payments of 92 million pounds into the scheme.

Swift and decisive action to handle the tax avoidance is being taken by the UK government, as told by Chancellor of the Exchequer George Osborne to parliament this month. It was told after authorities closed two tax loopholes which had been used by Barclays Plc (BARC). A harder approach is being sought by legislators for companies which hire lawyers and accountants for the purpose of cutting tax bills. It was declined by the banks and HMR that they will provide court documents to reports at a trial which ended last month. Papers were released both sides in which their arguments were outlined.

According to UBS and Deutsche Bank in the court documents, the income tax on the shares was not applicable on them because they were under restricted securities, which is why they were not eligible for contributions. Both the plans included setting up offshore vehicles which issued securities to staff members. The vehicles which are not in use anymore were invested in the securities of UBS and Deutsche Bank. Adrian Cox, the spokesman for Frankfurt-based Deutsche Bank said that this was an unusual type of arrangement since eight years ago, and it hasn’t been repeated. He added that the bank believes it met all the requirements at the times. Need cash apply with text loans no credit check @ and get quick funds and pay taxes.

Some bonuses of the Deutsche Bank were in excess of 2 million pounds, according to tax officials. The documents were not disclosed by HMRC which were released on 12th March about the amount estimated by it owed by Deutsche Bank. Nikky Fadero, the HMRC lawyer said that there would be no comment by the department until the decision would be released by the judges. In court filing, HMRC said that the predominant reason for the ESIP scheme was tax avoidance. The trial was a week-long at the Upper Tribunal in London which was ended on 28th February. The ruling was without schedule.

Kevin Cook - About Author:
Kevin Cook is an expert financial adviser and he gives his valuable suggestion on finance at the required time. He writes articles on text loans no credit check, payday text loans and text loans.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:

Related Loans Articles Subscribe to RSS

Avail quick finance for settling unavoidable expenses
Published by Perter Clove on December 20th 2011 | Loans
Many financer provides instant funds without concerning about your past finance history, due to whic...
Faxless Payday Loans Online: an ideal for short term finance
Published by Elissasmith on June 29th 2012 | Loans
Faxless Payday Loans Online is ideal to meet cash needs of short duration. We all have to face some ...
Get easy finance for your new business venture
Published by on January 21st 2012 | Finance
Do you want to start your own business, which requires funds but don't have idea on how to arrange t...
Sought your all financial problem with internet finance
Published by Stevemartin on December 10th 2011 | Loans
Finance through internet is the superb way out of your financial problems as it provides online fund...
Overcome the economic disaster through online finance
Published by Jack Paul on January 4th 2012 | Loans
There is lots of fantastic way of getting funds through online method which saves the precious time ...
Get funds to take care of unexpected expenses through internet finance
Published by Jeniffer Thomus on December 13th 2011 | Loans
Online financial aid is very beneficial for people where they can avail easy funding in a hassle fre...
Get Lo Doc car finance fast approval
Published by Julia Bennet on June 15th 2012 | Loans
When someone applies for a car loan what they want is the best rate of interest and fast approval. T...
UBS Deutsche Bank said they do not owe taxes
Published by Kevin Cook on March 15th 2012 | Loans
UBS AG (UBSN) and Deutsche Bank AG (DBK) said that they were under ‘restricted securities’ due t...
Secured Business Loans: Avail the easiest mode to apply for finance.
Published by Alexander Thomas on December 18th 2011 | Loans
Through these finances applicant can get the cash for the business. Applicant can apply through onli...
Sort out your petite pecuniary matters through easy finance
Published by Kevin Cook on February 13th 2012 | Loans
There is instant financial service that supplies funds to an individual just by sending a small SMS ...
Meet all small tasks with ease with short period online finance
Published by Sandra Jeux on March 1st 2012 | Finance
Now don’t bother about urgent cash you need at the time of emergency, apply online with easy short...
Apply and avail the cash required by you with easy online finance
Published by on March 9th 2012 | Finance
Online finance is the proper platform of getting funds when you are empty handed. So do not think mu...
Financial planner in Sydney: your one-stop finance manager
Published by Avena Sowell on January 13th 2012 | Loans
Managing finance is not everybody’s cup of tea; for a better management of your finance it is good...
Avail finance online and help yourself to overcome the economic disaster
Published by John Martin on December 16th 2011 | Loans
Apply for finance online and save your precious time and get funds in hassle free manner at the comf...
Borrow £500 over 6months – providing finance without any paperwork
Published by Aadam Abbas on July 20th 2012 | Loans
Borrow £500 over 6months assist you to pick that exact finance theme that may be helpful to you in ...
Tips on loans and finance investment
Published by Pramod Kumar Singh on May 23rd 2012 | Loans
There are different kinds of loans and different investment options. To know about each one you can ...
Finest car loan finance conditions clarify
Published by MarK Fulton Matthew on February 27th 2012 | Loans
Car loan finances investigate extra about you with no trouble online and only require learning those...
Apply for finance and meet your financial problems with ease
Published by King Loothar on December 15th 2011 | Loans
When people are in financial crunch then only way out for them is borrow funds from financer. And re...
1000 Pound Bad Credit Payday Loans – provide simple way for get the finance
Published by Thom Lee on May 29th 2012 | Loans
1000 Pound Bad Credit Payday Loans are those that are offered to folks that have adverse credit hist...
Doorstep Loans No Credit Checks - Get simple finance with quick approval
Published by Rechard Thomas on January 7th 2012 | Loans
People have the freedom to use the amount received from doorstep loans no credit check. Doorstep loa...