The UK’s 100 biggest companies maintain more than 15,000 subsidiaries, PwC
says today, in a report suggesting that such companies are a ‘threat to
The firm says that almost half of such companies are dormant, and may be
costing the FTSE100 more than £30m a year to maintain.
Richard Setchim, head of corporate simplification and reconstruction at PwC,
said that regulators and other outsiders ‘might be left wondering’ about the
‘clutter and complexity’ of groups with large networks of subsidiaries with no
obvious purpose, although he added there was no suggestion of anything suspect
‘Groups have grown like Topsy following acquisitions and the like. There is
an awful lot of clutter in UK group accounts that is actually unnecessary,’ said
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements