U.S. banking giant switches billions in debt to Britain to avoid paying corporation tax for 50 years

By Daily Mail Reporter
Last updated at 2:41 AM on 16th August 2008

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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