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:
loading
 
  



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 @ http://www.textloansnocreditcheck.co.uk/ 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:
http://www.articleside.com/loans-articles/ubs-deutsche-bank-said-they-do-not-owe-taxes.htm

Related Loans Articles Subscribe to RSS

No credit check loans – Get finance without any credit check
Published by Ross Mutt on December 28th 2011 | Loans
No credit check loans are capable of providing you with instant cash in spite of poor credit, or no ...
 
Obtained at any time whenever you require funds through online finance
Published by Jack Paul on December 13th 2011 | Loans
Modern day requirement are forcing people to go for financial help. They to meet their requirements ...
 
Financial aids for people having negative finance ratings
Published by Jack Grayn on December 14th 2011 | Loans
People who have done mistakes in past relating to the finance and are unable to get funds can now ap...
 
Cash Loans No Credit Check Canada: Alleviation of finance crisis
Published by Lily Jacobs on March 12th 2012 | Finance
Cash loans no credit check Canada are an ideal option available to the salaried people of Canada to ...
 
Advisory Service feels that pay-day finance is debt units
Published by Kevin Cook on January 23rd 2012 | Loans
Pay day finance is very famous amongst the people of country and beneficial too at the time of crise...
 
Doorstep Loans- Quick finance to fulfill your urgent needs
Published by Johntygolf on November 26th 2011 | Loans
Doorstep loans are considered to be the best option to overcome your financial crisis in the least p...
 
No Credit Check Loans- Raise finance immediately without credit check
Published by Serjeant Doherty on March 20th 2012 | Loans
No credit check loans are boon for those who are suffering from multiple bad credit problems. With t...
 
Secured loans against logbook: smart way of obtaining finance!
Published by Scarlette Riley on February 8th 2012 | Loans
Secured loans against logbook are mainly designed for borrowers, having a vehicle’s logbook on the...
 
Bad credit payday loans: Get a good finance for your business.
Published by Alexander Thomas on November 26th 2011 | Loans
These finances are for the people who want fast and easy cash facility. Business person can easily a...
 
1000 POUND BAD CREDIT LOANS:- Decent finance without frantic process
Published by Thom Lee on February 23rd 2012 | Loans
1000 pound bad credit loans are out there to the individuals of UK. These loans are just like the sh...
 
1000 Pound Loans – best option for urge finance help
Published by Thom Lee on February 24th 2012 | Loans
1000 Pound Loans, The salaried individuals are to manage with their restricted and stuck monthly inc...
 
Funds for the fulfillment of short-timed needs despite your worst finance history
Published by Sandra Jeux on December 14th 2011 | Loans
Emergency expenses arises suddenly without any notice and in order to meet them a person goes for fi...
 
Getting your business the finance it needs
Published by Mathias Scott on March 7th 2012 | Loans
Numerous businesses are having a tough time receiving funding. The recent recession was no help eith...
 
Acquisition of helpful funds at the home via online finance
Published by Look Right on March 12th 2012 | Loans
Now the cash is available at your footsteps and you can acquire funds by sitting at your home and me...
 
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 ...
 
Easy and accurate solution for your taxes with Tax returns Preparer
Published by Nelson on April 2nd 2012 | Finance
Complete End to End Business Solution offering various services such as Incorporation, Bookkeeping, ...
 
Get easy finance for your new business venture
Published by Macrobusinesscapital@gmail.com 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...
 
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...
 
Millions applying for pay-day finance in Britain
Published by David Hurley on January 21st 2012 | Loans
Millions of people take up a pay-day every year but it is in their own hands to make it beneficial o...
 
Credit-ratings are becoming the biggest hurdles in getting finance
Published by Kevin Cook on December 27th 2011 | Loans
The main hurdle in securing a loan today is a borrower’s credit-ratings which may be high or low w...