HMRC brings some much needed balance to this debate. I imagine that there may be some frustration among tax professionals about the media interest presently given to tax issues. Accuracy, and indeed common sense have been early casualties in the pursuit of headlines by politicians (and the media) on tax issues.
There have been many claims that various multinational companies did not pay much tax last year with the clear implication that they have been involved in some dodgy tax arrangements which have relieved them unfairly from their tax obligations or that they have done something else which is equally morally repugnant. The possibility that in these difficult times, the company might have made significant losses which have not yet been fully recovered, or has continuing and substantial capital expenditure are factors which do not even get onto the radar.
*This article was first published in Tax Journal on 26 October 2012