[Tetracyclone]

HSBC reported today and I include this quote: "HSBC said there was "understandable public anger" in some countries about excessive pay for bankers so soon after the financial crisis.

But bonuses were a "legitimate and proper element of reward" and remuneration "must be market-based," it said. Compensation at GBM as a ratio of revenue was about 25 percent for 2009, lower than almost all investment bank rivals.

The bank said it would pay bonuses to Gulliver and other executives but defer them over three years. CEO Michael Geoghegan said he would give his bonus of up to 4 million pounds to charities."

So my quick question to you UK folks is, can you deduct charitable contributions from your gross income reporting? If so, Mr. Geoghegan gets a lot of good PR for his 4 million pounds, most of which i am supposing would have gone to taxes if he kept it in his own name.

Lower in the press release it says he is moving to Hong Kong next month as that is where most of the bank's action is expected.

[Trinity]

Does this answer your question?
Generally only people who are self employed or are employers need to complete tax returns everything else is done as PAYE via tax office codes. Since neither of these is relevant to me it is an area I chose to remain totally ignorant of!

[Tetracyclone]

Trinity, on Mar 1 2010, 04:26 PM, said:

Does this answer your question?
Generally only people who are self employed or are employers need to complete tax returns everything else is done as PAYE via tax office codes. Since neither of these is relevant to me it is an area I chose to remain totally ignorant of!

I suppose I should google UK, taxes, like a sensible person. So easy to forget the world's answers are in this little box.