From 2013 their will be a new tax loophole for multi-million pound corporations.By opening a 'branch' in a Tax Haven (like the Cayman Islands) you will be able to transfer all your worldwide profits into your account there, where it will be subject only to the local (0%) tax.
The UK Government will lose out on an estimated £1billion in tax revenues, that’s according to the Treasury’s own figures. The charity Action Aid has estimated that Mr Osborne’s decision to relax the rules will also cost developing countries £4billion.
Good isn't it? (if you are a multi-million corporation that is)
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