Deutsche set to fight HMRC

DEUTSCHE Bank has officially confirmed its intention to appeal a tribunal decision which ruled against a scheme it established to avoid taxes on bonuses.

The January decision against the bank by Judge David Williams affects a £92m pay pot Deutsche set up in the Cayman Islands before rule changes made the arrangement illegal.

A spokesman for the bank said: “This was a one-off arrangement from seven years ago and hasn’t been repeated. We believe it met all requirements at the time and are appealing the decision.”