Following chancellor Alistair Darling's announcement of a supertax on bonuses as part of the pre-Budget report, banks have been thinking of ways to avoid the one-off levy.
The new tax, which will be paid by the employing banks rather than their staff, will apply to bonuses of over £25,000 and will amount to 50 per cent of the bonus earned.
Ways banks have been considering to get around the tax include changing the bonuses to make up part of the salary paid to employees and paying their bonuses at the end of next year when the tax will not be applied.
As bonuses are only being taxed until April 5th next year this leaves banks opportunities to escape paying the tax, according to Tony Bernstein of chartered accountants HW Fisher.
"This allows banks to engage in complex planning such as, well, waiting until April 6th to pay out their bonuses," he told the Metro.
Bankers have been revolting after the announcement of the tax, according to the Daily Mail, with as many as 100,000 City bankers expecting to be affected. The tax will be applied on top of the 40 per cent income tax levied on employees.
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