Deutsche Bank and UBS lose taxes on bonuses case
LONDON — Britain’s top court on Wednesday ruled against Deutsche Bank and UBS in a long-running case over taxes on bonuses.
The German and Swiss banks set up arrangements for their employees in London involving offshore companies to reduce tax liabilities on some bonuses awarded in 2004, but British authorities said they were aimed at avoiding tax and demanded the banks each pay around $70 million in taxes, Bloomberg reported.
"Shares awarded to bank employees as bonuses are liable to tax," The U.K.'s Supreme Court tweeted following the ruling Wednesday.
Both banks argued that the... read more