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 faxing cash advance- Easy short term finance without any hassle
Published by Luis Burrese on March 15th 2012 | Loans
Popularity of internet has led to the removal of faxing method to apply for loans. No faxing cash ad...
 
Payday loans for 60 days – best opportunities for taking finance
Published by Vilson Louise on April 7th 2012 | Loans
Payday loans for 60 days assist you in sudden cash crises in order that you'll handle your tiny cash...
 
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...
 
Personal loans instant decision- Get quick finance for meeting cash hurdles
Published by Dervin Elbert on July 10th 2012 | Loans
Personal loans instant decision is termed as the best fiscal support for UK residents who are in nee...
 
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...
 
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...
 
Meet all needs through quick finance available online
Published by DavidVila on January 3rd 2012 | Loans
People who are deprived of finance due to some reasons can cheer now and apply for funds through bes...
 
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...
 
Personal finance can be fun - Saving money in this tight economy
Published by Sandra Parker on January 23rd 2012 | Finance
In a tight economy it can become hard for you to save money. But, in actuality if you give importanc...
 
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 ...
 
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...
 
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...
 
Turn taxes into profit with skilled and professional bookkeeping
Published by Nelson on March 30th 2012 | Finance
Complete End to End Business Solution offering various services such as Incorporation, Bookkeeping, ...
 
90 day loans bad credit-Great assistance of finance
Published by Galvin Colton on July 20th 2012 | Loans
If you are taking quick funds from 90 day loans bad credit, you can fight unexpected fiscal worries ...
 
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...
 
Debtor finance – general considerations
Published by Adair Sawyer on May 11th 2012 | Finance
Many companies find themselves in the impossibility of further developing their business because the...
 
Any creditor can apply for finance aid in very easy manner
Published by Sam Hopkins on December 10th 2011 | Loans
You are in dire need of finance, but not able to get it because of mistakes you have done in past re...
 
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...
 
Take the finance as per your monthly salary
Published by Jackfox on May 23rd 2012 | Loans
When you are in search of quick solution of your monetary problem then assistance of Quick Loans wit...
 
Overcome finance related business issues with a reliable insolvency company
Published by Ashish Pandey on January 16th 2012 | Finance
Any business might go through different kinds of hurdles and when things get out of control it is go...