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Banks shun UK to lower their tax
European banks are looking for ways to move as much of their trade as possible through low-tax jurisdictions to cut their tax bill, it emerged yesterday. The institutions are finding ways to restructure their entities to avoid paying onerous tax rates in jurisdictions such as the UK, tax specialists at Deloitte and PwC told Bloomberg. Up to 30 per cent of trade values at major global banks could be booked through hubs such as Hong Kong or Singapore rather than Europe. Such moves are likely to be increasingly widely used as revenues fall and regulatory costs rise, a shift that has already led to widespread job cuts at banks.