Tax changes delayed

Changes to the way overseas profits of UK multinationals are taxed could be delayed until late this summer. The changes are designed to crack down on the use of offshore subsidiaries, or `mixer companies’, used to minimise tax liability by allowing profits to be brought back to the UK in one tranche rather than individually. […]

Changes to the way overseas profits of UK multinationals are taxed could be delayed until late this summer. The changes are designed to crack down on the use of offshore subsidiaries, or `mixer companies’, used to minimise tax liability by allowing profits to be brought back to the UK in one tranche rather than individually. There are industry fears that the changes could eliminate tax-avoiding practices allowed in other countries, and the UK’s largest company, Vodafone, has threatened to move offshore if they go ahead.