Bank is one of many financial institutions around the world facing writedowns due to biggest changes to US tax code since 1980sBarclays has said Donald Trump’s US tax changes will knock about £1bn off its profits. The bank said the bill, which was signed into law last week, would make it harder for it to deduct past losses from future tax bills. Barclays said the change had reduced the value of its “deferred tax assets” and would result in an associated one-off charge of about £1bn after tax. Shell also welcomed the tax changes, but said its profits would take a $2bn-$2.5bn (£1.5bn-£1.9bn) hit this year as it factored in the impact on deferred tax assets. Switzerland’s UBS said it expected a SFr3bn (£2.3bn) hit and Credit Suisse expects the tax changes to reduce its earnings by SFr2.3bn.

Source: The Guardian December 27, 2017 16:14 UTC