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Taxes | Bank REO Real Estate
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Merrill Lynch switches billions in debt to Britain to avoid paying corporation tax for 50 years

August 17, 2008 by · Leave a Comment
Filed under: Industry News 

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50 years sure does seem like a pretty big upside for taking huge losses over bad bets that were placed during our last financial cycle upswing.  We will want to follow up on this to see if anyone tries and challenge this type of tax treatment.

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.’

The possibility of such a business escaping tax will astonish households struggling with their personal finances.

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