UK: investment banks pay little or no tax, analysis shows
- 8 years ago
Seven of the biggest investment banks operating in London paid little or no tax in Britain last year, despite reporting billions of dollars in profits.
It is according to analysis of corporate filings carried out by the Reuters news agency.
In recent months, the seven investment and corporate banks operating in London reported figures showing they paid a combined $31 million in corporation tax in 2014. Between them, the banks generated revenues of $31 billion in the UK, profits of $5.3 billion and employed 33,000 staff.
Five of the banks – JP Morgan, Bank of America Merrill Lynch, Deutsche Bank AG, Nomura Holding and Morgan Stanley – said their main UK arms paid no corporation tax, as Britaln calls corporate income tax.
The filings show that the seven banks, which also include Goldman Sachs and UBS AG, used tax breaks and tax losses generated during the banking crisis to reduce their tax bills.
Spokespeople for the banks all declined to comment, although their filings not
It is according to analysis of corporate filings carried out by the Reuters news agency.
In recent months, the seven investment and corporate banks operating in London reported figures showing they paid a combined $31 million in corporation tax in 2014. Between them, the banks generated revenues of $31 billion in the UK, profits of $5.3 billion and employed 33,000 staff.
Five of the banks – JP Morgan, Bank of America Merrill Lynch, Deutsche Bank AG, Nomura Holding and Morgan Stanley – said their main UK arms paid no corporation tax, as Britaln calls corporate income tax.
The filings show that the seven banks, which also include Goldman Sachs and UBS AG, used tax breaks and tax losses generated during the banking crisis to reduce their tax bills.
Spokespeople for the banks all declined to comment, although their filings not