Submitted on Tuesday 22nd October 2013
Published on Wednesday 23rd October 2013
Current status: Closed
Closed: Thursday 23rd January 2014
Signatures: 104
End Eurobond tax loopholes exploited by corporations
HMRC must end the current tax loopholes known as Eurobonds, which allow companies to minimise their tax liability by channeling loan payments overseas, reducing declared profits here in the UK.
An attempt to close this loophole was made in 2012 but failed due to massive lobbying by the financial sector.
This loophole costs UK tax payers around £500 million, annually.
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