Sunday, 24 March 2013

All in it together? What a lie.

Must read book by ex-tax inspector Richard Brooks 'The great Tax Robbery' [272 pages Oneworld] is subtitled: ' How Britain became a tax haven for fat cats and big business'. Just a few gems. Osborne has allowed chunks of his corporate tax policy to be written by companies with the help of the same accountants who design avoidance schemes. Under the previous Labour regime penalties levied by HMRC on very large companies for transgressions had fallen to 0.01% of their 'error' – around 200times less than the fines imposed on small companies. Also, since a Private Finance Deal in 2001, HMRC's offices have been owned by a company in Bermuda. HMRC cannot therefore scrutinise the finances of its 'landlord'. Lots more. Read the book.

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