Skip to content
Subscriber Only

Credit Suisse Says U.K. Banker Bonus Tax Was ‘Strikingly Unfair’

  • Swiss lender sues government over decade-old, crisis-era levy
  • Case may end up forcing government into costly tax refund
Updated on

Credit Suisse Group AG attacked a British tax on banker bonuses in the wake of the 2008 financial crisis as “arbitrary and discriminatory” on the first day of a trial where it’s seeking to reclaim hundreds of millions of pounds.

The Swiss lender is suing the U.K. government over the one-time 50% tax, which applied to bonuses over 25,000 pounds ($32,000) that were paid almost a decade ago, when anger about banker pay was at its height.