Dec 7 JPMorgan Chase & Co and the UK
government are close to a settlement in which the bank and its
employees could pay about 500 million pounds ($801.03 million)
in back taxes, the Financial Times reported on Friday.
According to the newspaper, these taxes were avoided through
the use of an offshore trust for bonus payments.
The U.S. bank, which is in the final phase of shutting down
the trust, has asked more than 2,000 of both its current and
former employees to contribute to this settlement, according to
the Financial Times.
Individuals who choose not to participate might have to pay
higher taxes once the trust assets are liquidated, the newspaper
Participants in the trust said JPMorgan had given them until
Friday to voluntarily pay tax at a rate of their choosing in a
"blind auction" that would be used to establish an average
contribution rate, the Financial Times said.
This news comes a day after coffee chain Starbucks
said it could pay about 20 million pounds in corporation tax in
Britain, surrendering to widespread public criticism over
allegations of tax avoidance.
JPMorgan was not immediately available for comment.