Addicted to tax havens
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The full extent to which FTSE 100 companies use tax havens has, for the first time, been compiled, analysed and published in an accessible and searchable format by ActionAid.
Of the 100 biggest groups listed on the London Stock Exchange, 98 use tax havens. ActionAid’s research shows just how embedded the use of tax havens is in the structures of nearly all Britain’s biggest companies.
The findings are of particular concern because many FTSE 100 groups are set to benefit from plans currently under consideration by the Treasury to give multinational companies using tax havens an £840 million tax break, by relaxing the very rules designed to prevent tax-haven abuse.
An expanded tax revenue base in developing countries is the only sustainable source of funding for governments to invest in reducing poverty and inequality. It means that they don’t need to depend on aid and can achieve self-reliance. Yet the OECD estimates that developing countries lose almost three times more to tax havens t...
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