A socially useless activity by socially useless people

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The Daily Mirror has echoed my call on this blog yesterday for and end to the exemption for companies that means that their dividends received from their foreign subsidiaries are treated as tax free in the UK. They quote me:

“The aim of this relief was to encourage the use of the City as a mergers and acquisitions base.

“We now know that was a socially useless activity by socially useless people that failed to add economic value to this country.”

That about sums the rationale up.