RBS battles Treasury over bonuses paid offshore

Bonuses from a number of employees of RBS Sempra Metals now owned by the part-nationalised bank were paid into an offshore trust in a bid to dodge income tax and national insurance contributions, reports The Guardian. Cash was provided to the traders' spouses as 'loans' amounting to nearly £1m in some cases and was often used to pay mortgages and purchase property. A tax tribunal last year found the group had a history of trying to avoid tax and national insurance contributions with schemes including taking payments in precious metals and making loans that went unpaid. The tribunal fo...