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Five Large Banks 'paid No Uk Corporation Tax' In 2014

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Noe-schitt | 09:59 Wed 23rd Dec 2015 | Business & Finance
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So the public purse continues helping the big banks with their losses during the downturn
http://www.bbc.co.uk/news/business-35166460
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JP Morgan, Bank of America Merrill Lynch, Deutsche Bank, Nomura Holdings and Morgan Stanley
I'm not sure we helped these banks with losses. I think the reason they aid no tax is due to 'smoothing' in that they are allowed to offset some of the previous year's losses against this year's rofits
My P button seems faulty on my new keyboard
A complete failure by the OP to understand how the corporation tax system works.
The public purse does not help these banks with their losses during the downturn. Tax legislation permits all businesses to offset any losses made previously against profits made in the current/future years. The loss or losses are simply netted off the current profit on which tax is due. Always been that way.
If that was such a dumb idea, previous Governments have had many opportunities to change the rules. But it isn't a dumb idea and hence this is a non-story.

And neither is it posed as a question - it appears to be either a statement or rant, intended to provoke.

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