Chris Gent, chief executive of Vodafone, threatened to move the headquarters of the UK’s largest multinational abroad unless the Treasury backs down from Budget proposals to ban tax mixers, which allow UK companies to avoid paying extra tax on income earned abroad.
Government officials stood firm and stated that policy would not be dictated by one company – even if it is Britain’s largest.
FTSE 100 company’s have expressed deep opposition to losing their ability to minimise British tax on profit from operations in low corporation tax countries.
Gent sent his broadside as he sealed the sale of Vodafone subsidiary Orange to France Telecom for £25bn cash and £6bn shares.
Vodafone, which had a market capitalisation of £185.9bn earlier this year, paid the Treasury around a massive £6bn in the Government’s mobile phone license auction.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy