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
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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 Britain's corporate rate of 20 per cent. There is however nothing illegal about how they managed to reduce their taxes, and includes using losses built up during the financial crisis to offset current bills.
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