The paper reviewed the accounts of a whole host of companies – including some
which have said they may leave for tax reasons – and found many had not paid tax
in the UK despite generating billions on profits.
Cadbury, Standard Chartered and British American Tobacco, with a combined
market capitalisation of £75 billion, 11,000 UK staff and more than £6 billion
in global profits, paid zero corporation tax in Britain last year, the paper
said.
The paper said there was 'no suggestion of impropriety', adding that many of
the companies earn the bulk of their profits overseas and pay their taxes
outside the UK, allowing them to offset those against domestic liabilities.
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