Deutsche Bank and UBS lose tax bonus case

March 9, 2016 1:35 PM

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Deutsche Bank and UBS lose tax bonus case

LONDON — Britain’s top court on Wednesday ruled against Deutsche Bank and UBS in a long-running case over taxes on bonuses that has opened the door to back taxes by the banks and which could ding other companies that have engaged in similar schemes.

The German and Swiss banks set up bonus pools that relied on offshore vehicles to reduce taxes on bonuses awarded during the 2003 to 2004 tax season. The offshore vehicles were set up explicitly for the purpose of reducing employees' taxes on bonuses and often later wound down, according to the cour...

Also read: Supreme Court rules for prosecutors in insider trading case

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