Tescos are in trouble. This from the budget notes:
Partnership and trust avoidance in the controlled foreign companies
(CFC) legislation
The Government announced action, effective from today, to counter
avoidance schemes used by some international groups of companies to
circumvent the application of the CFC legislation through the use of trusts and
partnerships.
Draft legislation and the draft explanatory note have been published on the
HMRC website today, prior to inclusion in Finance Bill 2008.
I think I know the target.
Whether it works in stopping Tesco’s abuse I don’t know. But it’s certainly a curious coincidence.
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