Revenue steps up avoidance crackdown - papers 4 May

The FT reports the UK government is co-ordinating a strategy with the governments of Canada, Australia and the US to target firms which use currency swaps to minimise corporate tax payments. The Revenue allegedly stands to lose £1bn from 30 FTSE 100 firms alone implementing the scheme, the FT adds. ”Tax avoidance and the industry that drives it are increasingly an international phenomenon, and it is vital that we have effective international co-operation to tackle it, just as we do for tackling terrorism, organised crime, money laundering and fraud,” the FT quotes John Healey, treasu...