Revealed: how UK banks exploit charity tax laws
£234bn of mortgages put in trusts supposedly for the benefit of good causes- Ian Griffiths and Ian Cobain * The Guardian, * Wednesday December 5 2007
Britain's high street banks have raised billions of pounds in funds through complex financial deals that use supposedly charitable trusts which are not donating a penny to good causes, the Guardian has learned.
A dozen of the country's best-known banks and financial institutions have raised funds on the back of £234bn-worth of home loans over the past seven years, using trusts which have charitable status but rarely give anything to charity.
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