Facebook published its 2017 accounts in the UK, showing that its tax bill had risen to £17m after it had changed its structure to book more revenues onshore. However, as Taxwatch director George Turner told the Independent, Facebook’s real profits in the UK are likely to be much higher.
Why aren’t enablers of tax abuse being penalised? HMRC’s powers to sanction delinquent tax advisers have roadblocks built in, and there are still gaps in naming and shaming.
HMRC is recovering more missing tax from wealthy individuals. But beneath the headlines: the tax this group is underpaying may be larger than previously thought, and is likely growing, while penalties for their non-compliance have plummeted.