98 FTSE 100 companies use tax havens

by Jaimie Kaffash

More from this author

11 Oct 2011

  • Comments
Jersey

NINETY-EIGHT of the FTSE 100 companies have subsidiaries in tax havens, a report by the ActionAid charity has said.

The report, Addicted to tax havens, showed that FTSE 100 companies have a total of 34,216 subsidiaries and 38% of their overseas companies are located in low tax jurisdictions. Only Fresnillo and Hargreaves Lansdown do not have subsidiaries in tax havens, the research shows.

The banking sector was a particularly big user of tax havens, with the Big Four banks - HSBC, Barclays, Lloyds and RBS - owning a total of 1,649 tax haven companies. The report states that Barclays alone has 174 companies in the Cayman Islands.

Advertising giant WPP, which moved its headquarters to Dublin because of the UK's tax regime, is the biggest user of tax havens, with 611 companies based in low-tax jurisdictions.

Strikingly, there are more FTSE 100 subsidiaries in Jersey than in China, the findings show.

"The findings are of particular concern because many FTSE 100 groups are set to benefit from plans currently under consideration by the Treasury to give multinational companies using tax havens an £840m tax break, by relaxing the very rules designed to prevent tax-haven abuse," the report says.

The report concludes that the G20 should move to ensure that tax havens are forced to share information with tax authorities not only in rich countries but in developing countries that want to receive it by supporting multilateral tax information exchange initiatives.

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Appointments to University Committees

University of Glasgow 120x60University of Glasgow - Glasgow - unremunerated positions

 

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.