The Treasury has announced the next stage in the reform of the UK's controlled foreign company legislation today.
I have said most of what needs to be said about this here, for the TUC.
There are three planks to this policy:
a) Cutting the tax rate of UK companies
b) Cutting the tax base of UK companies i.e. reducing the amount of profit on which they pay tax.
c) Increasing the use of tax havens by UK companies.
The result is that this policy is designed to pass wealth to the richest in our community at cost to the poorest.
What else is there to say? Introducing a policy that gives away £840 million a year to large companies and calling it a measure to cut tax avoidance seems to me the most Orwellian form of double speak I can think of. My three part analysis above tells it as it really is.