Credit Suisse notched a minor victory over British banker bonuses in a ten-year fight against U.K. tax officials.
The spat dates back to 2010 when the U.K. government imposed a one-off tax of 50 percent on all banking staff bonuses exceeding £25,000 ($32,259). This forced Credit Suisse to cut the bonuses of its senior U.K.-based managers.
A British court ruled Credit Suisse is entitled to £83 million back, according to a decision last week. While this particular tranche of the bank's bonuses – paid in three-year incentive awards – were taxable, British officials failed to inform Credit Suisse of this in time, the court ruled.
Last year, the Swiss-based bank kissed off £239 million when it lost a separate case on the same matter. At the time, the one-off tax on bonuses generated about £3.4 billion for U.K. state coffers. Credit Suisse is believed to be the only bank to attempt to recoup its money in court.
