Fiat moves to brass plaque tax haven UK

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As the FT has noted this morning:

Fiat Industrial aims to move its tax residency to the UK from Italy after a merger with US business CNH to take advantage of a lighter fiscal regime, according to a regulatory filing.

Now there's no chance that this means Fiat will be making cars here. No, this is just a sign of tax haven UK, which is itself undermining the tax laws of other EU states. Fiat's moving here, I have no doubt, to exploit our new controlled foreign company legislation that basically lets UK based companies now use tax havens at will and with impunity; to exploit our new low tax rate and to exploit the fact that, come what may, income from foreign subsidiaries  is never now taxed in the UK even if they took part in massive tax avoidance.

This is tax haven UK at work.

We should be ashamed of it, not least because the tax we'll raise as a result of tis direct attack on the Italian tax system will be very small indeed. Our corporation tax system us now designed to make sure that is the case. And the number of people who will relocate to the UK as a result of this move will, I suspect, be counted on the fingers of a hand or two.

Welcome to brass plaque Britain.