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FT.com / Companies / Financial services - Merill set to avoid UK tax after $29bn loss

Merrill Lynch is unlikely to pay corporation tax in the UK for several decades after $29bn (£16bn) of losses suffered by the US investment bank were charged to its London-based subsidiary.

The figures, published in Merrill's regulatory filings, emphasise how the meltdown in the US subprime mortgage market is undermining tax receipts for governments far beyond America's borders. They also offer a rare glimpse into the tax management policies of a global financial institution.

"Dieu se rit des hommes qui se plaignent des conséquences alors qu'ils en chérissent les causes" Jacques-Bénigne Bossuet
by Melanchthon on Thu Aug 14th, 2008 at 07:54:45 PM EST
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And Darling lets them get away with it. Why do we bother having a tax authority if we refuse to tax the only people with any money.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Fri Aug 15th, 2008 at 03:30:28 AM EST
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And the accounting and financial games continue, attempting to make a silk purse out of a pile of worthless paper.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Fri Aug 15th, 2008 at 10:46:41 AM EST
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