Barclays and Shell warn of billion-dollar hits from Trump tax reform

Both Shell and Barclays said that while they were likely to benefit over time from the reduction in the US corporate tax rate from 35 percent to 21 percent, they expected to take hefty non-cash charges in their fourth-quarter results. Shell expects to take a $2bn-$2.5bn charge against the accounting value of its “deferred tax assets” in response to a sweeping overhaul of the US tax system that was signed into law by Mr. Trump. Barclays said it expected to record a £1bn charge in its 2017 results.

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By Arnold, Martin; and Atkins, Ralph , posted on Wednesday December 27, 2017
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