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Sainsburys rushes bonus payouts to avoid tax hike

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15th Mar 2010
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The supermarket chain is one of several companies paying bonuses early to avoid the so-called ‘supertax’ which comes into force on 6 April.

Senior staff at Sainsburys will receive their bonuses three months early this year so that they can be taxed under the current rate of 40%, rather than having to pay the increased rate of 50% which is being introduced for those earning more than £150,000 in April.

A spokesman for the company told the Sunday Telegraph that it was “fairer” for the 1,200 senior managers affected to be taxed at the rate that applied across the financial year in which they were earned.

Sainsbury’s isn’t the company going this route this year, Bill Dodwell, a tax partner at Deloitte told the Telegraph. “Many companies have already been doing this, whether they have announced it or not is another matter”.
 

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