Stop companies from draining UK taxable profits and cap ‘Earnings Stripping’

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Stop companies from draining UK taxable profits and cap ‘Earnings Stripping’

Petition Details

UK companies’ taxable profits and therefore the government’s tax revenue spend on welfare is being systematically drained by large multinationals in order to subsidise their global monopolization and to pay their mega-rich owners even more billions each year.

Additional Information

UK companies are reducing their taxable profits by using interest deductions on loans held by another subsidiary within their group but located in a different jurisdiction with lower or zero tax. The Government has failed to prevent this and should:
disallow for tax purposes the company’s interest expense above £1 million per annum or 1% of turnover, whichever is lower;
in addition, disallow all non-UK intragroup recharges from group or related parties above a maximum 5% of turnover.

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