The mobile phone giant appears to have been relying on a controversial mechanism to gain tax breaks running into hundreds of millions of pounds per year, according to a report in today’s Guardian newspaper. It is reported to have been using controlled foreign companies – CFCs – a tax loophole which was closed in the last Budget.
It was previously considered that the threat by chief executive Chris Gent to move Vodafone abroad was sparked by the Budget changes affecting the operation of mixer companies, used by multinationals to smooth the flow of profits from their international operations before the money enters Britain and is taxed.
The report indicates that Vodafone was aiming to hold the German company in an offshore haven rather than keep it as a direct subsidiary in order to save tax payments.
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