The House of Lords Economic Affairs Committee has reported that there is a sense some multinationals can operate to treat UK tax as voluntary. They noted the steady stream of stories about foreign-owned companies clearly doing good business here but paying little or no corporation tax. Yet UK-based businesses, which follow the book, have to pay. The Committee felt this damaged the economy, undermined trust in the tax system and made recommendations for improvement.
Well tax fans, the avoidance by multinationals story goes on and on. But what was new was highlighting the damage to and discrimination against UK-based business in the UK tax system.
Tax Barrister, Accountant