Marks & Spencer is the latest company to bring forward the payment of bonuses to avoid the new 50% tax rate, following a similar move by Sainsbury’s.
Cash bonuses at M&S will be paid in the first few days of April, according to the Daily Telegraph, before the tax rate on all personal income above £150,000 rises from 40% to 50% on 6 April.
The high street icon has traditionally paid its bonuses in July.
The move means that around 600 senior M&S executives will be taxed on the payments at the lower 40% level, potentially saving hundreds of thousands of pounds in tax.
Sainsbury’s said over the weekend that staff would receive bonuses relating to the company's recent performance in late March, 12 weeks earlier than normal.
Read more
Sainsbury’s bonus shake-up to beat tax shift (15 March 2010)
Waitrose staff set for bonus boost (8 March 2010)
M&S renews green commitments as Rose pay comes under fire (1 March 2010)
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