围绕奖金的行为正越来越呈现「先做税务优化、后谈消费」：只有 11% 计划花掉奖金（调查低点），而 54% 打算以节税方式投资其中大部分。股票与股份 ISA 是首选渠道，62% 使用（高于 55%），且常结合伴侣双方各自 £20,000 的额度；养老金仍然重要，但受递减机制限制，收入高于 £360,000 的人每年养老金额度被限于 £10,000。自 UK 在 October 2023 取消银行家奖金上限（此前为薪资的 200% 上限）后，薪酬结构也在转变，浮动薪酬更多：仅约 33% 的人基本薪资涨幅高于通膨，40% 低于通膨，4% 出现基本薪资下调；风险更高的税务减免产品受欢迎程度下降（crypto 兴趣降至 3%，VCT 使用降至 3%），而 6% 提到黄金/贵金属。
更广泛的含义是，高边际税率与福利断崖正在重塑留才、劳动供给与家庭规划：处于 £100,000 陷阱中的年轻、无子女专业人士流动性最高，并提到迁往 Middle East、US、Australia、Singapore 与 Europe 部分地区；年长受访者则更常提到 Italy 或 Spain 等退休目的地。奖金现金也正被转向强化韧性的目标，20% 正为未来计划储蓄（高于 15%），尤其是购屋或降低房贷，因预计今年将有超过 1.8 million 名屋主退出低利率固定房贷。对于持有递延股票将解禁的银行家（略少于 300 名受访者），近 75% 计划在 NatWest、Barclays、HSBC 股价强劲表现后出售（12 个月内均上涨 45%+），20% 计划持有，7% 尚未决定，部分原因是资本利得税与每年 £3,000 的 CGT 额度下调。
The Financial Times bonus survey of 1,100 City readers (its 5th year) shows a strong bonus outlook but rising tax-driven discontent: 55% expect a larger bonus than last year (a record), and 31% expect 6- or 7-figure payouts, yet 41% say high personal taxes are tempting them to leave the UK, 12% might do so later, and 47% have no plans to leave. The core pressure point is the £100,000-£125,140 band, where effective marginal rates can reach 62% as allowances taper, with some respondents reporting up to 71% once student loan repayments are included; several therefore cap taxable pay at £99,999 via pension salary sacrifice.
Behavior around bonuses is increasingly tax-optimization first, consumption second: only 11% plan to spend bonus money (survey low), while 54% intend to invest most of it tax-efficiently. Stocks-and-shares ISAs are the top route, used by 62% (up from 55%), often with both partners’ £20,000 allowances; pensions remain important but are constrained by tapering, with earners above £360,000 limited to a £10,000 annual pension allowance. Compensation structure is also shifting after the UK removed the banker bonus cap in October 2023 (previously a 200% of salary ceiling), with more variable pay: only about 33% saw above-inflation base-pay rises, 40% got below-inflation rises, and 4% saw base-pay cuts; riskier tax-relief products are less favored (crypto interest fell to 3%, VCT use to 3%), while 6% cited gold/precious metals.
The broader implication is that high marginal tax and benefit cliff-edges are reshaping retention, labor supply, and household planning: younger, childless professionals in the £100,000 trap are the most mobile and cite moves to the Middle East, US, Australia, Singapore, and parts of Europe, while older respondents more often mention retirement destinations such as Italy or Spain. Bonus cash is also being redirected toward resilience goals, with 20% saving for future plans (up from 15%), especially house purchase or mortgage reduction, as over 1.8 million homeowners are expected to roll off cheap fixed-rate mortgages this year. Among bankers with deferred shares vesting (just under 300 respondents), nearly 75% plan to sell after strong performance in NatWest, Barclays, and HSBC shares (all up 45%+ over 12 months), while 20% plan to hold and 7% are undecided, partly due to capital gains tax and the reduced £3,000 annual CGT allowance.