What Really Happened: U.S. banking giant moves billions in debt to British division to earn 60-year tax break

Merrill Lynch might not pay any corporation tax for the next 60 years, it emerged today.
The giant American investment bank, which employs thousands in the City, has made losses of $29 billion (£15 billion) for its exposure to the U.S. subprime mortgage crisis.
But it has charged the amount to its British arm, meaning it can offset the losses against corporation tax for decades to come.
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