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Out in the open?
KEY POINTS
- A suggestion that companies with more than 250 employees should publish their tax returns.
- Do ‘sweetheart’ deals between companies and HMRC reduce tax liabilities?
- Corporation tax rates have declined in recent years.
- Might more information published without explanation sow confusion?
- Would increased scrutiny hold politicians to greater account on tax policy?
The shadow chancellor John McDonnell recently said that he wanted companies with more than 250 employees to publish in full their tax returns and associated correspondence. He claimed that there was a gap of £36bn between what should be collected and what large companies actually paid.
The thought is that ‘sweetheart’ deals between companies and HMRC reduce tax bills and ‘tax avoidance is a scourge on society that company secrecy laws help facilitate’. A political...
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