Energy firms accused over tax move

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Consumers are right to be “livid” about companies pursuing aggressive tax avoidance, a senior Treasury minister said today, amid reports that energy firms are saving millions by exploiting a legal tax loophole.

The Independent on Sunday reported that three energy companies have saved an estimated £140 million by reducing their taxable profits by racking up interest on debt from their owners.

Chief Secretary to the Treasury Danny Alexander declined to comment on the individual cases, but told BBC1’s Andrew Marr Show: “My message to any company that is engaged in aggressive tax avoidance is to stop it.”

via Energy firms accused over tax move (From Banbury Cake).

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