Head of the public accounts committee urges HMRC officials and Treasury ministers to examine potential $35bn tax savings of Vodafone deal
Tax analysts believe Vodafone can structure its deal so as to reduce tax to $5bn, significantly less than the $40bn that could be due.
Who are these shambling cretins?
To get to a $40 billion figure you’ve got to assume that corporation tax is due on the total receipts from the deal. Which is simply nonsense: you would only ever pay tax on the profit made, not the turnover.
But no doubt the ignorants over at UKUncut will start claiming that it’s a $40 billion bill being avoided soon enough.