Opposition politicians and tax campaigners have expressed outrage 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.
Five of the banks – JP Morgan, Bank of America Merrill Lynch, Deutsche Bank, Nomura and Morgan Stanley – disclosed their main UK arms paid no corporation tax, according to Reuters. Goldman Sachs UK Ltd revealed UK tax of $26.6m on UK profits of $1.98bn. UBS also recorded low UK tax.
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