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Foreign banks in Britain pay fraction of tax rate

Some big banks paid average rate of 6% of profits, less than third of UK corporate rate of 20%; historic losses help banks reduce 2015 tax bills
Monday, December 19, 2016 - 05:50

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Banks in Britain are pushing back against a government decision last year to increase their corporate tax rate to 28 per cent this year - a move that was offset by a cut in the levy on their assets.

London

SOME of the biggest foreign investment and commercial banks operating in Britain paid an average tax rate of just 6 per cent on the billions of dollars of profits they made in the country last year, a Reuters analysis of regulatory filings shows.

That is less than a third of

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