The one-off bonus levy implemented by the UK Government is as "leaky as a sieve", according to Mike Warburton, a director at accountancy firm Grant Thornton, who told Financial News how banks could avoid paying the tax.

The UK Treasury yesterday announced a one-off 50% levy on bank bonuses in excess of £25,000 (€27,649). Warburton, a tax director at Grant Thornton, said that banks would pay out £25,000 this year, while telling staff privately that they would receive larger bonuses next year. The Q&A is in full below: