Magazine article Public Finance

£9Bn Lost to Tax Avoidance, Say Campaigners

Magazine article Public Finance

£9Bn Lost to Tax Avoidance, Say Campaigners

Article excerpt

An estimated £9bn is lost to the Exchequer through UK corporate tax avoidance each year, enough to build more than 30 new hospitals, according to a report released last week.

The UK's 50 largest listed companies alone avoided paying an estimated £4.6bn in tax revenues last year, the study by the campaign group Tax Justice states.

While there is no suggestion that the companies involved have used illegal methods, some MPs have called for a crackdown on the legal loopholes used.

The report, Mind the tax gap, published on January 17, is one of the few rigorous attempts to measure the difference between the levels of tax that UK companies would be expected to pay and the revenues actually received by the government. It is based on the annual accounts of the UK's top 50 companies from 2000 to 2004. Tax Justice researchers claim the firms 'paid an average of 5. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.