Naturally that commercial judgment must be exercised in good faith in proper discharge of the board’s duties under s.172 Companies Act 2006. Likewise, in order for the board to discharge its duties under s.174 in such a situation, due care, skill and diligence must be exercised in such peripheral matters as selecting and instructing the tax advisers and arriving at an understanding of the options on offer. As with the duty under s.172, however, the duty under s.174 does not generally militate in favour of any specific tax outcome.
Sure, company law doesn’t say that the directors should dodge and dive to avoid all tax. But it also doesn’t lay upon them any duty to not dodge and dive to avoid it.
I’m sure this is the part of it that the Tax Justice Network won’t be highlighting. Company law says that directors should do what they think is best when structuring matters around tax. The behaviour of, say, Google or Amazon is thus perfectly acceptable.