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Asda moves to beat tax rate

Asda, the second largest supermarket chain in the UK, helped a number of senior executives dodge the new 50 per cent top rate of income tax by paying them a portion of their annual salary upfront in March. Asda would not confirm how many staff earning above £150,000 per year took up the opportunity. Meanwhile, US parent Wal-Mart has given Asda the green light to make a major acquisition this year to expand its share of the general merchandise market. The supermarket is reported to have run the rule over Homebase and Argos owner Home Retail among others.