Mike Devereux on offshore profits

I think Mike Devereux of the Oxford Centre for Business Taxation has posed the policy dilemma on the foreign profits move quite well.

In last week’s Economist, he says: ‘The more successful tax collectors are in preventing firms from shifting profit out of Britain, the more they are likely to encourage firms to leave the country.’

That just about sums up the futility of the government’s policy.

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