Sainsburys says 2010 bonus acceleration is fair

J SAINSBURY has denied reports it is to bring forward bonus payments for all staff in order that its top earners can avoid paying the top rate 50 per cent tax which comes into effect on April 6.

The move will improve the earnings of the company’s top 1,200 employees, including chief executive, Justin King, who has saved himself an extra £86,900 to the taxman, according to reports.

A spokesman said:“We think it is fairer to the individual for the proportion of their bonus awards that are based on Sainsbury’s financial performance to be paid, and therefore taxed, in accordance with the rates that applied across the financial year in which they were earned.”