FTSE 100 firms 'using tax havens'

AppId is over the quota
AppId is over the quota

Spread betting provider City Index takes a look at the financial activity shaping the markets on 11th October 2011.
The vast majority of FTSE 100 firms are regularly using tax havens, a charity has warned.

According to ActionAid, 98 of the UK's top firms have declared tax haven companies.

It is now urging the government to crack down on the practice of tax avoidance, arguing that the UK cannot afford to avoid the practice any longer.

"ActionAid's research showing the use of tax havens by Britain's biggest companies raises serious questions they need to answer," said Chris Jordan, tax justice expert at the organisation.

"Tax havens have a damaging impact on the UK exchequer, the stability of the international financial system, and vitally on the ability of developing countries to raise tax revenues which would lift them out of poverty and make them less dependent on aid."

The ActionAid report, Addicted to Tax Havens, suggests that firms in the banking and financial sector are the heaviest users of tax havens, with the big four high street banks - HSBC, Barclays, Lloyds Group and RBS - possessing 1,649 tax haven companies between them.

However, the news had little effect on early morning trading, with RBS one of the FTSE 100's early risers on Tuesday morning (October 11th), up 1.58 per cent as of 08.25 BST, while Lloyds Group had climbed 0.84 per cent by the same time.

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SOURCE : http://goarticles.com/article/FTSE-100-firms-using-tax-havens/5489052/