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August 17, 2008
U.S. banking giant switches billions in debt to Britain to avoid paying corporation tax for 50 years
By Sheila Samples
Investment bank Merrill Lynch may not have to pay UK tax for decades. The Wall Street giant, which employs 5,500 in the City of London, could be eligible for a tax holiday of more than 50 years after making billions of pounds of losses on 'exotic investments.'
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Investment bank Merrill Lynch may not have to pay UK tax for decades. The Wall Street giant, which employs 5,500 in the City of London, could be eligible for a tax holiday of more than 50 years after making billions of pounds of losses on 'exotic investments.'Sheila Samples is an Oklahoma writer and a former civilian US Army Public Information Officer. She is a Managing Editor for OpEd News, and a regular contributor for a variety of Internet sites.