Clampdown on financial instruments yields 67% drop in underpaid tax
A CLAMPDOWN on the use of financial instruments in corporate tax avoidance has seen the practice collapse, according to law firm Pinsent Masons. Underpaid tax by the 770 largest UK companies dropped 67% from £2.1bn in 2012 to £693m last year. The amount of tax suspected to be underpaid through the complex misuse of leasing contracts also fell dramatically – down 75% in two years from £1.86bn to £471m in the last year….
Read more here: Accountancy Age