Kevin Reed, Accountancy Age, Friday 16 July 2010 at 09:39:00

JP Morgan Chase pays out a cool half a billion dollars for UK bank bonus tax

The one-off UK bank bonus tax cost JP Morgan Chase more than half a billondollars.

Revealing better than expected Q2 profits, the US bank said the tax cost it$550m (£357m). The banks had to pay a 50% tax on bonus payments of more than£25,000, under measures introduced by Alistair Darling.

Other banks are paying out hundreds of millions of dollars, including Bank ofAmerica, Citigroup and Goldman Sachs.

JP Morgan Chase's net income climbed to $4.8bn for Q2, from $2.72bn in 2009.

Further reading:

HMRCreleases bank levy consultation