City bankers grab £65million by delaying bonuses to beat tax: Number of payments doubled in April City workers took full advantage of George Osborne's tax cut this year Tax on earnings over £150,000 cut from 50 to 45 per cent from April 6 Bankers waited to taker their bonuses, slashing tax bill Bonuses in the City doubled in April as workers saved themselves £65million in tax. Banks delayed payments totalling £1.3billion in a controversial tax-dodging move, despite public outcry. The "bonus season" in the finance and insurance sector is from December to March, but this year bonuses were "unusually high" in April, official figures revealed yesterday. Pay day: City workers took advantage of George Osborne's tax cut to save an estimated £65million This is because Chancellor George Osborne cut the tax paid on earnings over £150,000 from 50 per cent to 45 per cent on April 6. By waiting to take their bonuses after the change, bankers slashed their tax bill. The delay of a few weeks could have helped them avoid a total of around £65million in tax, experts say. Overall, £38.6billion was paid in bonuses to all UK workers between May 2012 and April 2013, with more than a third - £14billion - going to those in the finance and insurance sectors. The average City worker enjoyed a bonus of £11,900, nearly double that of employees in other sectors, the Office for National Statistics said. Most workers either do not get a bonus or get one of less than £1,000. City workers hit the jackpot again despite their role in a financial crisis of six years ago which continues to affect the daily lives of millions of ordinary British families. In April 2012, when the 50 per cent tax rate was still in place, City bonuses for the month totalled £600million - less than half the amount this year, which was the largest sum for any April since records began in 2000. Benefit: The Chancellor George Osborne cut tax on earnings above £150,000 from 50 per cent to 45 per cent Frances O'Grady, general secretary of the Trades Union Congress, accused the Chancellor of "showering the super-rich with a gift worth tens of millions of pounds." She said: "The shape of Britain's recovery looks increasingly like one where the same old elites hog the gains, while ordinary workers are expected to take declining living standards on the chin." Chris Leslie, Labour's Treasury spokesman, said: "Millions of pounds of revenue will have been lost as a result [of the deferral] at a time when people across the UK are facing a cost of living crisis. This may feel like a recovery for those at the top, but for everyone else, life is getting harder. Simon Chouffot, a spokesman for the Robin Hood Tax campaign, which wants new financial sector taxes to help tackle poverty, said: "The Government's manipulation of the tax code to benefit the super-rich has made a bad situation worse. It should put substance to its phrase that "We are all in this together" and ensure the City pays its dues." Earlier this year, Goldman Sachs triggered outrage when it emerged it was considering postponing the payment of bonuses until April 6, to take advantage of the cut in the top rate of tax. It quickly ditched the plan after coming under fire from Lord King, then governor the Bank of England, as well as pressure from the Treasury. Yesterday Royal Bank of Scotland said it did not change its payment dates, continuing to pay the cash element of its bonuses in March and the share or bond element in June. A Treasury spokesman said: "These figures are broadly in line with the Budget forecast. Bonuses for the financial services sector are expected to be over 60 per cent lower than last year, and are less than a quarter of their peak in 2007, before the financial crisis.