Seven major investment banks paid little or no tax in UK in 2014

London

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 banks reported figures showing they paid a combined US$31 million in corporation tax in 2014. Between them the banks generated revenues of US$31 billion in the UK and profits of US$5.3 billion. Five of the banks - JP Morgan, Bank of America Merrill Lynch, Deutsche Bank AG, Nomura Holding and Morgan Stanley - said their main UK arms paid no corporation tax, as Britain calls corporate income tax.