Miner’s £1.4bn tax hit

BHP is expecting a £1.4bn hit from President trump’s cuts to tax rates.

the cut in corporate income tax rates from 35pc to 21pc will lower the value of the world biggest miner’s deferred tax assets and foreign tax credits. however, it expects the tax cuts will have a positive impact on profits in the long term. Several UK-listed companies, including Shell, BP and Barclays, have reported a similar impact from Donald trump’s tax cuts.

It is a tough time for the miner with activist investor elliott demanding it scrap its separate listings in the UK and Australia.

elliott wants them to wrap up into one Australia-listed entity, still listed in both UK and Australia.