tramont dec 2011

hi John, I am struggling with a fundamental concept here. When we calculate the financing side effects. we use the tax rate in Gamala(20%) to calculate the tax saving. I know we are borrowing in Gamala and there the tax rate is 20%, but why dont we use the tax rate in the UK(30%). because ultimately when the funds will be remitted back to UK, the tax saving will be on tramont's income statement in the Uk?