Introduction
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The UK government's Financial Secretary, Stephen Timms' recent searing attack on corporations' "morally wrong" use of tax loopholes and "games" to work around tax legislation have put many Tax Managers on high alert. The Chancellors' 2010 Pre Budget Report is projected to rebalance the tax system by imposing stricter reporting requirements and tougher penalties on corporate taxpayers.
HMRC's seizure of £57 million in assets and £9 million in cash last year may only begin to tell the story of what is to come next year for UK-based corporations. This year’s Pre-Budget Report will be the next chapter in the ongoing corporate tax debate.