The UK Coalition government has gutted most of the anti-avoidance mechanisms in UK tax law that were meant to stop Uk based companies abusing offshore. They've done it deliberately and they feign surprise that tax receipts have fallen as a result.
The pressure on the US government to do the same is rising.
In the 12 minute monologue recorded in early 2011 but which is still relevant today I explain the problems with territorial tax for those who want an explanation of how we got to this sorry state of affairs and what it means:
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