Pay no tax for 60 years.

[Cyberman]

That's slightly misleading as it is only true for Corporation tax. They will be paying other taxes such as National Insurance, and of course their employees will pay income tax and NI.

[HairyArsedBloke]

Just loose 16 Billion quid and right it off in the years following

lose

write

sorry

[TykeMerc]

But those "losses" are only on paper? Or aren't they?

If the accountants can prove that they've written off that much in asset value then I'd be surprised if they can't be properly described as "real".

Interesting article and it implies that the Corporation tax they will offset against these losses would have been higher in other countries, little bit surpriised they'd channel it through the UK in those circumstances.

Clever tax move though and a good finger up the chancellors nose.

[BrilloPad]

Just loose 16 Billion quid and right it off in the years following.

FT: Merrill set to avoid UK tax after $29bn loss

The lefties are going to love this one.

But those "losses" are only on paper? Or aren't they?

[HairyArsedBloke]

Just loose 16 Billion quid and right it off in the years following.

FT: Merrill set to avoid UK tax after $29bn loss

The lefties are going to love this one.