Tescos are in trouble

Posted on

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.