Two foreign investment banks with major businesses in Britain are paying no corporation tax, it emerged last night.
Citigroup and Credit Suisse disclosed in the past fortnight that their main British subsidiaries paid zero corporate income tax in 2014.
It means there are now seven foreign investment banks in London paying no corporation tax. They also include JP Morgan Chase, Nomura, Deutsche Bank, Bank of America Merrill Lynch and Morgan Stanley.
They used huge losses from previous years – including fines and lawsuits – to slash their tax bills. The revelation follows the controversial decision by the Financial Conduct Authority to shelve plans to investigate pay and behaviour in the banking sector.