The company, whose chief executive Terry Smith is one of the City’s most outspoken figures, is deferring bonuses for just over 20 staff so that any income over £150,000 is taxed at 45pc rather than the current 50pc rate.
Tullett also signalled it would have no truck with any government interference over the move, hinting it did not expect any re-runs of the furore over bankers’ bonuses or the UK tax paid by the likes of Amazon and Starbucks.
“The company believes that taxation should be a matter of law not moral suasion and/or public persecution,”
Changing your behaviour as a result of changes in hte tax law is not tax abuse. It is obeying the tax laws.