UK Cos. Skirting 67% Less Taxes, Pinsent Masons Says

Law360, New York (March 17, 2014, 6:36 PM EDT) -- The United Kingdom's tax regulator has reported a 67 percent decrease in the amount of tax that it suspects the U.K.’s big businesses of underpaying through the misuse of complex financial instruments, according to figures obtained and published by Pinsent Masons LLP.

The HM Revenue and Customs data, published Monday on the international law firm’s tax blog, tracks suspected use of financial instruments like convertible loans and debt instruments to create a deduction from taxable profits in one part of a corporate group without a matching...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.