Facebook staff at London HQ in line for £250 million share bonuses

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Staff at Facebook’s London headquarters could be handed share bonuses worth £250 million over the next three years.

The US social media company will pay out about £690,000 split between 362 staff if it hits its targets in the UK.

The staff payout is based on the number of staff shares in issue, London employee numbers and the firm’s current share price.

The pay out details comes just a week after it was reported Facebook’s UK operation paid just £4,327 in company taxes, according to its published accounts.

The 2014 accounts show the company made an accounting loss of £28.5 million in Britain after it more than doubled its staff share bonus pot to £35.4 million.

Globally, Facebook made profits of $2.9 billion (£1.9 billion) on revenue of $12.5 billion (£8.1 billion) in 2014.

UK revenues were £105 million.

A Facebook spokeswoman added: “We are compliant with UK tax law and in fact all countries where we have employees and offices.

“We continue to grow our business activities in the UK.”

Jonathan Isaby, chief executive of the TaxPayers’ Alliance, said it would be understandable for taxpayers to be frustrated with the latest news, especially as taxes are taken straight from workers’ pay cheques.

He said: “It’s high time politicians stop moralising and start taking action to fix the tax system by making taxes simpler and more transparent, so that people begin to trust it again.”

Facebook’s bonus scheme announcement comes as the firm faces mounting pressure about its tax affairs, along with other companies including Starbucks, Amazon, Google and Vodafone. 

Additional reporting by Press Association.

Source Article from http://www.standard.co.uk/news/uk/facebook-staff-at-london-hq-in-line-for-250-million-share-bonuses-a3094051.html

October 19, 2015 |
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