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Didn't see this anywhere so have posted, apologies if already done,. Needless to say, well, well, haven't they got themselves into a bit of a mess?!! http://www.bbc.co.uk/news/uk-42012116
JPMorgan is said to be close to a £500m settlement with the Government over taxes avoided through an offshore trust used for bonuses. The bank is reportedly winding up the Jersey-based trust and has asked more than 2,000 current and former staff to contribute to the settlement. It comes as corporations’ tax affairs face increased scrutiny, with Starbucks this week bowing to public outrage and making a voluntary £10m annual offering to HMRC. Employee benefit trusts (EBTs) have in the past allowed companies and staff to avoid paying employer’s national insurance contributions and income taxes. Many are now being wound up after laws last year clamped down on their use. HMRC said: “Our view is that a large number of EBT schemes didn’t work under the previous legislation; where that is the case we have challenged and are continuing to challenge them.” A spokesman for JPMorgan told the Financial Times: “Our employee trust has always been transparent ... and its independent trustee has consistently paid taxes in accordance with UK tax law.” More: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9731177/JPMorgan-close-to-500m-UK-tax-settlement.html