"Mind the Tax Gap"

The Tax Justice Network have just published the results of their investigation into the tax affairs of the UK's 50 largest corporations. The findings should not come as much of a surprise. From the Observer's write-up:

Britain's 50 biggest quoted companies have avoided paying corporate tax worth £20bn over the past five years, according to a new report...

A detailed study published by the Tax Justice campaign group shows that Britain's largest companies are already paying far less thax than might have been expected. Over the past five years, the biggest 50 have paid just 24.5 per cent on average to the British Exchequer and other tax authorities.

Compare this with the opinons of Digby Jones, head of the CBI:

...many business leaders are increasingly alarmed by the worsening situation and why the government's indifference is so frustrating. These are the people who make the decisions about where to put investment or whether to move to a more competitive tax environment.

Give them an inch and they take your arm off.