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Richard Murphy

Richard Murphy is a chartered accountant, a founder of the Tax Justice Network and director of Tax Research UK. He blogs frequently at taxresearch.org.uk.

What is a tax haven?

Richard Murphy, 14 April 2011

In his budget last month George Osborne announced that if in the future a UK company runs its internal banking arrangements through a tax haven subsidiary it will benefit from a special tax rate of just 5.75 per cent of the resulting profits. The rate is exceptionally low: the same activity undertaken in the UK is taxed at 23 per cent. It is a change that will delight corporate tax avoiders...

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