J.P. Morgan Chase & Co and the UK government are close to a settlement in which the bank and its employees could pay about 500 million pounds ($801.03 million) in back taxes, the Financial Times reported on Friday. According to the newspaper, these taxes were avoided through the use of an offshore trust for bonus payments.

The US bank, which is in the final phase of shutting down the trust, has asked more than 2,000 of both its current and former employees to contribute to this settlement, according to the Financial Times. Individuals who choose not to participate might have to pay higher taxes once the trust assets are liquidated, the newspaper reported.

Copyright Reuters, 2012