Bankers hit with bonus supertax are being asked to give evidence for the first time in the High Court in London, after a legal battle with HMRC.
John Lawton and Michael Karr are facing up to 16 years behind bars after being charged for the tax they received for years from the Bank of England.
The pair were told they would not have to reveal the tax the bank received for a decade, which was 0.6 per cent of their assets.
The tax was revealed in a legal bid by the duo to keep their wealth secret and to avoid “a needless and unnecessary and unfair penalty”.
The pair had argued that they did not want “to be dragged to trial and forced to confess to the gross, unprofessional conduct”, a judicial source told the BBC.
The case was heard in a High Court in London where lawyers for the pair said they were looking forward to a hearing and hoped the government would change legislation.
They asked the High Court to consider their plea if the government was “unwilling or unable” to implement the ruling.
The pair’s lawyers told the court the decision would affect all taxpayers, regardless of their tax status.
“To put the onus of proving you were a person of means on HMRC will damage ordinary peop속초출장샵le who depend on that tax,” said Mr Lawton’s counsel, David Karr.
“I will defend this appeal strongly.”
Ahead of the hearing, the pair were pictured outside the High Court in a high-visibility case.
When they had a chance to respond to the government’s proposed changes, lawyers from the legal team of the Bank of England argued that the government should not be forced to go through with the supertax.
The decision by the High Court has implications across tax accounting and for the world of commercial banking, which is the world’s fourth largest financial centre.
“The issue at stake is significant as it will have a potentially life-changing impact on the balance of financial statements to banks across the globe and to ordinary customers of their services,” said the bank’s chie로투스 홀짝로투스 홀짝f operating officer Andrew Hodge.
“The case raises fundamental questions over tax fairness and the principle of public accountability, and could impact across the industry.”
A Bank of England spokesperson said that it had asked the pair to withdraw their application in the hope it would take the matter away from the High Court.
A senior Bank of England official said th