Any quoted company has to file accounts that include a tax reconciliation statement.
The statement is meant to explain the difference between the tax rate in the accounts and the statutory tax rate.
This is its tax reconciliation statement in its 2008 accounts:
The only line in there where this could hide would be â€šÃ„Ã²non taxable items’. They’re a credit — the only one there is year in year out.
Is that good enough?
If this is where the tax avoidance is hidden is that a set of accounts really giving a true and fair view?
I’ll say this to Deloitte LLP: this is â€šÃ„Ã²just rubbish’.
And I now have the satisfaction of knowing I’m right and Deloitte LLP is wrong.