Bank of England Governor, Sir Mervyn King, called any attempts by banks to delay giving bonuses until after the top rate of tax drops 'depressing' and 'clumsy'.

Goldman Sachs is said to be among a handful of banks considering delaying UK bonus payouts until after April 6th, when the top rate falls from 50% to 45%.

However, unnamed sources at the investment bank are appearing in the media to say it will not go ahead with the plan.

Other banks have decided such a move would not be worthwhile, given the inevitable reputational fall-out that would follow.

Goldman Sachs already has form in this area, having paid out £40m-worth of bonuses before the end of 2012 to avoid tax rises ahead of a deal between US politicians to avert the 'fiscal cliff'.

Sir Mervyn told MPs on the Treasury Committee on Tuesday that in the long run financial institutions depended on goodwill from the rest of society.

"I find it a bit depressing that people who earn so much seem to think it is even more exciting to adjust the timing of it to get the benefit of a lower tax rate...knowing that this must have an impact on the rest of society, when even now it is the rest of society which is suffering most from the consequences of the financial crisis," he said.

"I don't know what will happen, and they haven't made any statement, but I think it will be rather clumsy and lacking in care and attention to how other people might react," the governor warned.

On Monday politicians lined up to criticise plans that would see bankers benefit from a fall in the top rate of income tax.

Pat McFadden, a Labour member of the Treasury select committee, said the scheme made "a mockery of the government rhetoric on the 50p rate".

One of his colleagues, shadow treasury minister Chris Leslie, laid the responsibility at the feet of David Cameron and George Osborne.

"They have refused to repeat Labour's bank bonus tax and pre-announced a £3bn income tax cut for the richest people in the country, giving them the opportunity to delay income and bonuses until April," he said.

Meanwhile John Hemming, a Liberal Democrat MP, said Goldman Sachs "shouldn't expect any government contracts" if it went through with the plan.

Hemming's threat is one that could have serious implications, despite there being no suggestion that what the banks are considering is illegal.

The government is working hard to clamp down on tax avoidance.

The recent Autumn Statement included the provision that: "The Cabinet Office and HMRC will consult on the use of the procurement process to deter tax avoidance and evasion and the proposed definition of key concepts, with a view to the new arrangements coming into effect from 1 April 2013."

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