High earners get tax break
Sainsbury's is to accelerate bonus payments for all staff in a move that means 1,200 of its high earners will avoid paying the 50 per cent tax rate that comes into force on April 6.
Chief executive Justin King, who received more than 2m in pay, pension and bonuses last year, would have paid an extra 86,900 to the taxman if the regime had been in force a year ago.
A Sainsbury's spokesman said the change was not linked to the new tax rate but was a trial to cut the time staff waited for bonuses after the chain's year-end.
The move breaches no rules but could anger those in the banking sector who were warned against trying to avoid paying the increased tax rate.