If you can get into the FT story linked in this tweet it’s worth it, and free reads are allowed on the FT:
In 2012, HMRC gave General Electric a trophy for being a good tax citizen of the UK. Now, it's suing it over a $1bn alleged fraud.
Here's my dive into the tax scheme that fooled HMRC and that raises awkward questions for PwC...https://t.co/A9E0w7yMsm
— Tabby Kinder (@Tabby_Kinder) August 4, 2020
I have to be open and say that over the years I have got to know some of the people named in this story: as a tax campaigner our paths crossed, often. For that reason, and because of the gravity of the claim, I am not commenting in detail. But I do have three general comments.
First, this was in the ‘Wild West’ days of 2005 when tax campaigning was in its very early days and adverse publicity for tax planning was unknown. It’s important to remember how much has changed since then, largely due to that campaigning and the resulting publicity.
Second, tax justice was never rewarded by HMRC for its work on this. The question as to why that did not happen is relevant.
Third, the allegation of fraud is serious - and opens a risk for HMRC itself which I presume it has calculated to be worth taking.
Progress on this case will be worth following. It could define the future of the tax profession for a long time to come.