Tax Is Big Business

To us, it’s an obscure shift of tax law. To the City, it’s the heist of the century

…At the moment tax law ensures that companies based here, with branches in other countries, don’t get taxed twice on the same money. They have to pay only the difference between our rate and that of the other country. If, for example, Dirty Oil plc pays 10% corporation tax on its profits in Oblivia, then shifts the money over here, it should pay a further 18% in the UK, to match our rate of 28%. But under the new proposals, companies will pay nothing at all in this country on money made by their foreign branches…

Great article by George Monbiot, I knew nothing of these plans until I read this.

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