bloomberg.com / By Dawn Kopecki / Dec 9, 2012 3:59 PM GMT+0800
JPMorgan Chase & Co. (JPM) asked more than 2,000 current and former employees to contribute to a settlement with the U.K.’s tax authority over their use of an offshore trust for bonus payments, according to a person briefed on the situation.
Employees who participated in the trust were asked to help fund a payment of at least a few hundred million pounds if they want to settle with Her Majesty’s Revenue and Customs, the U.K. tax authority, the person said, asking not to be named because the talks are private. The bank and workers may pay about 500 million pounds ($802 million) total, the Financial Times reported yesterday, without saying where it got the information.
Corporations including Starbucks Corp. (SBUX), Amazon.com Inc. and Google Inc. have come under attack from British lawmakers and protesters for using complex accounting methods to minimize tax liabilities in the U.K. The government will invest in the part of the tax office that targets multinational companies, Chancellor George Osborne said last week.