Credit Suisse Takes On HMRC Over Crisis-Era Bonus Tax

Law360, London (June 25, 2019, 2:51 PM BST) -- Credit Suisse has accused the British government of violating European competition law when it levied a one-off tax on bankers' bonuses in the aftermath of the financial crisis, as a trial over the lender’s £239 million ($304 million) damages claim against the tax authority kicked off in London on Tuesday.

The tax “penalizes us and gave certain competitors a leg-up in the market," an attorney for Credit Suisse said as a trial over the bank's damages claim against the British government got under way. (AP) Aidan Robertson QC, counsel for Credit Suisse Securities Europe Ltd., told Judge Sarah Falk that HM...

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