London is to become one of the most expensive global centres for bankers to work in after the forthcoming introduction of a revised income tax banding for high earners, new research has shown.
Posts Tagged ‘Levy’
London to become most expensive financial hub for bankers
March 10th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Annual Salary, Bonus, Colleagues, Dubai, Earners, Financial Centres, Financial Hub, Financial Services Firms, Frankfurt, Geneva, Global Centres, Hong Kong, Hopkinson, Income Tax, Kpmg, Levy, Social Security, Social Security Payments, Wall Street, Wall Street Journal 
Comments OffTougher curbs on banking bonuses under discussion in Europe
March 9th, 2010 Before You Invest European Parliament politicians are in the process of debating tough new restrictions on banking bonuses across the continent.
A new piece of legislation has been proposed by MEP Arlene McCarthy which suggests that bonuses should not be higher than 50 per cent of total annual remuneration.
Half of bonus payouts should be paid in the form of shares which would not be divested for three years under the proposals, reports the Financial Times.
Up to 60 per cent of bonuses could also be deferred for the same length of time if plans are approved by the European Parliament and European Union member states.
The proposals also want to introduce a ban being introduced on the payment of bonuses to directors of financial institutions still receiving government aid.
Last week, a survey of 16 global banks suggested that the UK Treasury is set to receive around $3.75 billion from its one-off 50 per cent levy on bankers’ bonuses.
Posted in Finance Fraud Tags: Arlene, Continent, Curbs, European Parliament, European Union, European Union Member States, Financial Institutions, Financial Times, Global Banks, Government Aid, Legislation, Length Of Time, Levy, Mccarthy, Parliament, Politicians, Proposals, Remuneration, Uk Treasury, Union Member States Comments OffUK bonus tax set to raise billions
January 26th, 2010 Before You Invest The 50 per cent tax on banking bonuses in the UK may bring in as much as £3 billion ($4.8 billion) in revenue, it has been suggested.
Government sources told the Guardian that there have been higher-than-expected payouts made by large banks operating in the UK, meaning that initial forecasts regarding how much the levy would raise were significantly underestimated.
In December, British chancellor Alistair Darling said that he expected the one-off tax, which applies to bonuses of more than £25,000, was going to raise around £550 million.
The officially revised estimate of how much the tax will bring in will be revealed in the Pre-Election Budget in a few months’ time.
At that point, it will be clear how much each bank operating in the City of London is planning to pay its staff.
Among the firms yet to reveal their remuneration levels are HSBC, Royal Bank of Scotland and Barclays.
Last week, Credit Suisse revealed it was going to cut the bonuses of its UK-based managing directors by 30 per cent, while also instigating a five per cent cut for the rest of its staff around the world to shoulder the burden of the levy.
Posted in Finance Fraud Tags: 50 Cent, Alistair Darling, Bank Of Scotland, Banks, Barclays, Billions, Bonus, British Chancellor, Budget, City Of London, Credit Suisse, Government Sources, Guardian, Initial Forecasts, Levy, Remuneration Levels, Royal Bank Of Scotland Comments OffObama defends plan to charge banks to recoup TARP funds
January 16th, 2010 Before You Invest In his weekly radio and Internet address, President Barack Obama defended his proposal to subject as many as 50 financial institutions to a levy to recoup the cost of the Troubled Asset Relief Program. Obama also vowed to enact legislation that would rein in practices and strategies that caused the financial crisis.
Posted in Finance Fraud Tags: Amp, Apps, Banks, Barack Obama, Chris Van Hollen, Congress, Democratic Leaders, Financial Crisis, Financial Institutions, Internet Address, Legislation, Levy, Pid, Proposal, Radio, Sid, Taxpayers No Comments »UK regulators will be able to rip up bankers’ contracts
November 17th, 2009 Before You Invest The UK government is set to bring in legislation that will allow the Financial Services Authority to rip up the contracts of bankers deemed to be enjoying excessive pay packets as a reward for risk-taking.
Although the new Financial Services Bill will not apply to current banking contracts and therefore will not affect 2009 bonuses, it is set to come into place from January next year.
The measures are to be outlined on Wednesday in the Queen’s Speech.
In comments reported by the Guardian, City spokesman Lord Myners told Sky News: “What we are saying to the shareholders and boards of directors is: get real, recognize that the previous levels of bonuses are socially unacceptable.”
Other proposals that will be put forward by Gordon Brown’s government include one that will allow British customers to take part in US-style class action suits against financial institutions they feel have treated them badly.
Last week, Mr Brown sent officials to meet with the IMF to lobby for the implementation of a Tobin tax – a levy on transactions carried out between financial institutions.
Posted in Finance Fraud Tags: Boards Of Directors, British Customers, City Spokesman, Class Action Suits, Contracts, Financial Institutions, Financial Services Authority, Financial Services Bill, Gordon Brown, Imf, Levy, Mr Brown, Myners, Proposals, Shareholders, Sky News, Style Class, Tobin Tax, Uk Government, Uk Regulators No Comments »SEC CHARGES EZRA C. LEVY, FORMER CFO OF INVESTMENT ADVISORY FIRM, WITH FRAUD AND SEEKS ORDER FREEZING HIS ASSETS
November 11th, 2009 Before You Invest The Securities and Exchange Commission today announced that it has filed fraud charges against Ezra C. Levy, the former Chief Financial Officer of Boston Provident, L.P. According to the complaint filed in U.S. District Court for the Southern District of New York, Levy executed a fraudulent scheme to benefit himself at the expense of Boston Provident and its clients, by deliberately arranging secret sales of securities from his personal trading account to Boston Provident’s accounts at inflated prices.
Posted in Finance Fraud Tags: Advisory Firm, Exchange Act Of 1934, Ezra, Federal Securities Laws, Fraud Charges, Fraudulent Scheme, Inflated Prices, Investment Fraud, Levy, Personal Account, Personal Trading, Provident, Rule 10b, Sec Charges, Section 17, Securities Act Of 1933, Securities And Exchange Commission, Securities Exchange Act, Securities Exchange Act Of 1934, Southern District Of New York No Comments »U.S. criticizes U.K. proposal to tax financial transactions
November 9th, 2009 Before You Invest Treasury Secretary Timothy Geithner voiced disapproval with a proposal from U.K. Prime Minister Gordon Brown for a tax on financial transactions. Geithner said he would not support the tax but appeared to soften his stance later, saying the International Monetary Fund would be responsible for coming up with possibilities.
Posted in Finance Fraud Tags: Borders, Contingent Capital, Finance Minister, Financial Transaction, Financial Transactions, Gordon Brown, Imf, Insurance Fee, International Monetary Fund, Levy, Mr Brown, Opponents, Possibilities, Prime Minister Gordon Brown, Proposal, Proposals, Systemic Risk, Treasury Secretary, Voiced Disapproval, Volatility No Comments »Geithner, Brown Split on Tobin Tax at G-20 Meeting
November 9th, 2009 Before You Invest (Bloomberg) — Group of 20 governments split on whether to tax financial trading as part of a broader strategy to ensure the global economy’s expansion is less crisis-prone.
U.K. Prime Minister Gordon Brown told a meeting of finance chiefs in St. Andrews, Scotland yesterday that such a levy could prevent excessive risk taking and fund future bank rescues, adding momentum to a debate begun by France.
Posted in Finance Fraud Tags: Amp, Apps, Banking System, Excessive Risk, Finance Chiefs, Financial Crisis, Global Economy, Gordon Brown, Great Depression, Levy, Momentum, Pid, Prime Minister Gordon Brown, Risk Taking, Speculation, St Andrews Scotland, Timothy Geithner, Tobin Tax, Treasury Secretary, U S Treasury No Comments »This Day in Wall Street History 1862: The tax man cometh
July 2nd, 2009 Before You Invest On this day in 1862, the United States Congress gave the green light to the tax-centric “Revenue Act.” The legislation, which was soon signed into law by President Abraham Lincoln, imposed a 3% tax on people with incomes between $600 to $10,000; and also called for a 5% levy on people with incomes reaching over $10,000.
However, the “Revenue Act” was perhaps more notable for creating the Bureau of Internal Revenue, a government agency that was charged with collecting the revenue generated by the new taxes.
Though the “Revenue Act” and its attendant package of taxes were allowed to lapse into legislative oblivion after the Civil War, the Bureau of Internal Revenue eventually came back to haunt America’s taxpaying citizens in 1913, when the 16th Amendment was added to the Constitution.
Along with sanctioning the income tax, the amendment paved the path for the opening of the Internal Revenue Service, which, in its role as the official clearinghouse for the nation’s taxes, proved to be the bureaucratic progeny of the Internal Revenue Service.
Source: History.com
Posted in Finance Fraud Tags: 16th Amendment, Abraham Lincoln, Bureau Of Internal Revenue, Civil War, Clearinghouse, Government Agency, Income Tax, Incomes, Internal Revenue Service, Levy, Oblivion, President Abraham Lincoln, Progeny, Revenue Act, Service Source, Source History, Tax Man, Taxpaying Citizens, United States Congress, Wall Street History No Comments »This Day in Wall Street History 1818: Congress ushers in protectionism
April 20th, 2009 Before You Invest On this day in 1818, Congress heeded President James Monroe’s call to uphold the fiscal integrity of domestic industry and gave the green light to sharply protectionist tariff legislation.
Not only did the tariff hike duties on iron imports, but it also put the breaks on an anticipated decrease in the levy charged on textiles.
Posted in Finance Fraud Tags: Fiscal Integrity, Fondness, Franklin Roosevelt, International Marketplace, International Trade, James Monroe, Levy, President Franklin Roosevelt, President James Monroe, Proclivity, Protectionism, Protectionist Policies, Source History, Tariff Hike, Tariffs, Trade Source, Unprecedented Levels, Ushers, Wall Street History, World War Ii No Comments »
