Information from Reuters has brought to light the fact that five of the biggest banks operating in the UK (and worldwide) paid not a penny in corporation tax in 2014. Efforts to crack down on this kind of corporation tax avoidance have brought together Westminster’s political right and left. Deutsche… – Continue reading
Two more investment banks have reported paying zero tax in Britain in 2014, prompting the opposition Labour party to urge the government to reverse a tax change it made for banks last year. Citigroup and Credit Suisse disclosed in the past fortnight that their main UK subsidiaries paid no corporate… – Continue reading
Current system viewed as unfair and too easy to circumvent Abolition of corporation tax is to be considered by a new cross-party group of MPs and peers who will subject ministers and business leaders to public interrogations in a bid to secure fairer and more responsible tax policies. The all-party… – Continue reading
The British government is facing a credibility crisis over its pledge to ensure multinational corporations pay their fair share of tax, after it was revealed that five of the world’s largest investment banks paid no corporation tax in Britain last year, despite making billions in profits. Analysis of the banks’… – Continue reading
LONDON (Reuters) – 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, a Reuters analysis of corporate filings shows. In recent months, the seven investment and corporate banks operating in London reported figures showing… – Continue reading
Banks have intensified their calls for George Osborne, the UK chancellor, to give them a break on the bank levy in this week’s Budget by arguing that it has already caused a 13 per cent shrinkage of UK banking assets, reports the Financial Times. Optimism is growing among senior bankers… – Continue reading
Benjamin Fuchs is unfazed by being caught in the first dollar bond default of a Chinese developer. The chief investment officer of BFAM Partners (Hong Kong), a hedge-fund firm overseeing $1.2 billion of assets, said offshore debt of Chinese property developers with a single-B credit rating was “extremely cheap” and… – Continue reading
