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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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