Research reveals five major banks, JP Morgan, Bank of America Merrill Lynch, Deutsche Bank, Nomura and Morgan Stanley, paid no UK corporation tax in 2014
news2015-12-22
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Opposition politicians and tax campaigners have expressed outraged after it emerged that some of the biggest and most profitable investment banks in the City of London paid little or no corporation tax last year. Seven City banks paid a combined £21m in corporation tax in 2014, according to research by Reuters on Tuesday. Between them the banks, together employing about 33,000 mainly City workers, generated UK profits of £3.6bn on revenues of £21bn in the UK.
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