U2 to pay £15m to settle claims over £25m in pay-offs

U2 to pay £15m to settle claims over £25m in pay-offs

June 18, 2021 Comments Off on U2 to pay £15m to settle claims over £25m in pay-offs By admin

Updated March 06, 2020 12:20:49U2 have settled a complaint by Ux, the band’s management company, over the pay-outs of bonuses for members and the band, after the company received a letter from the UK government’s tax department in November.

The band, which has not performed since 2009, have been awarded £15 million from the British government’s department of culture, arts and local government (DCASL) in a settlement with the UK’s tax authority.

The tax department said the payment was “in recognition of the exceptional contributions made by U2 in its work in the UK”.

It added that Ux “have committed to pay the amount agreed and have complied with all the relevant tax and accounting requirements”.

U2’s manager, Peter Condon, said the band would not be making any further comment at the time of publication.

Ux’s management have not commented on the settlement.

U2 members paid up to £25,000 in bonuses to the band each year in the 1990s.

The payments were made on top of the members’ salaries and benefits.

The bands pay for a host of benefits including studio time, travel, accommodation and a monthly allowance.

The Ux letter to the UK tax authorities stated: “U2 pays a portion of its members’ income tax in the U.K. as it pays its members, but it is the UK Government that pays the rest of the band members’ wages.

This arrangement has been approved by the UK Department of Culture, Arts and Local Government (DCACL).”

The band have not performed in the country since 2009.

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