Bonus tax victims: supertax, superconfused

Britain’s draft law of the supertax on bankers’ bonuses has been drawn very wide. This will deter clever bankers from exploiting loopholes. But asset managers, hedge funds and even foreign bank chiefs could be hit unless the Treasury acts fast. Alistair Darling’s target was clear: «already high-paid staff» of banks, all of which «benefited, either directly or indirectly, from the unprecedented level of support from the taxpayer.» However, the finance minister’s proposed law is so widely drafted...