'Look elsewhere for tax stories,' says Tesco
Guardian newspaper hit with 34-page writ after investigation into Tesco's tax affairs
Guardian newspaper hit with 34-page writ after investigation into Tesco's tax affairs
Tesco responded to an investigation by The Guardian into its tax
affairs by suggesting there were better stories elsewhere in UK corporate tax,
it has emerged.
The suggestion is contained in a 34-page writ filed with the High Court
demanding damages from the newspaper over allegations that Tesco set up an
offshore arrangement to avoid up to £1bn in corporation tax.
The comment is likely to highlight the issue of corporate tax avoidance and
which companies engage in the most aggressive planning.
The writ quotes an email from Lucy Neville-Rolfe, Tesco’s director of
corporate and legal affairs, to Guardian editor Alan Rusbridger.
‘There really is no story here and I would urge you to look elsewhere for
genuine examples of businesses that pay little corporation tax rather than
pursuing a leading British business that paid in excess of £1bn in taxes last
year,’ she wrote.
The supermarket group and the newspaper are involved in a legal battle over
the tax avoidance claims. Tesco says its Cayman structure will generate stamp
duty savings considerably smaller than the sums referred to by The
Guardian, and that it will not avoid corporation tax through the move.
Further Reading:
Tesco
claims it was accused of evasion
Tax
Hack: Who will win the Guardian/Tesco battle?
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe amount of tax saved by businesses through HMRC’s Patent Box scheme has increased by 23% over the last five years, from £1.14 billion in 2017/18 to...
View articleUK Chancellor Jeremy Hunt has hinted at the possibility of further tax cuts in the upcoming spring Budget, during his time at the World Economic Forum...
View articleThe legislation, which introduces a global minimum tax of at least 15% for multinational enterprises, aims to limit tax competition and ensure large c...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleAccountants must stay vigilant, adapt their tax strategies to evolving regulations, prioritize transparency, and foster collaboration with tax authori...
View articleAs the government prepares for re-election, PM Sunak promises to control spending in order to bring forth tax cuts next year Read More...
View articleThe Office for National Statistics revealed that the UK economy shrank by 0.3% in March after the economy grew by 0.1% in the previous three months Re...
View articleAs the Spring Budget approaches, dissenters of the UK government’s increasingly complex contractor legislation are baying for change. HMRC has already...
View article