Top companies' use of tax havens revealed
New ActionAid research, tracking the offshore structures of the FTSE100, finds that the presence of the UK’s largest companies in tax havens has not diminished despite media scandals over tax avoidance and a promised government crackdown on tax havens.
Nearly 40 per cent of all the overseas subsidiary and associate companies of the FTSE100 are now registered in tax havens. Ten of the FTSE 100 are themselves headquartered in a tax haven.
The UK's 100 biggest public companies are running more than 8,000 subsidiaries or joint ventures in onshore and offshore tax havens.
The figures show that only two of the companies listed on the UK's FTSE 100 have no subsidiaries in tax havens (mining group Fresnillo and the financial advice business Hargreaves Lansdown) – while companies such as Barclays and Tesco own hundreds.
These latest findings are an update of ActionAid research released in October 2011.
Particular concern is expressed by campaigners about the cost of offshore tax deals to the populations of developing countries. 78 FTSE100 companies operate in developing countries, and every one of these companies is a prolific tax haven user.
Mike Lewis, ActionAid's tax justice policy adviser, who did the research, said: "Poor countries lose three times more money to tax havens than they receive in aid each year.
"Tax haven structures are almost universal amongst the UK's biggest multinationals and becoming ever more common for investments in developing countries.
"When David Cameron chairs the G8 summit in Northern Ireland next month he must deliver on his promise to call time on tax havens for the benefit of all countries, rich and poor."
Sign the petition and push for urgent G8 action to stop developing countries from losing three times more to tax havens than they receive in aid each year.
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