Starbucks Corp., the world’s biggest coffee chain, said it will pay 10 million pounds ($15.4 million) of U.K. corporation tax this year and in 2014 in response to criticism of its money-losing British business.
U.K. Chancellor of the Exchequer George Osborne said the levy on banks will be increased for a sixth time to ensure lenders don’t benefit from a cut in corporation tax.
For Belfast clothing retailer Michael Hamilton, power is money.
Vodafone Plc paid no corporation tax in the U.K. last year after earning “several hundred million pounds” from its 19 million customers, the Sunday Times reported, citing its own investigation.
U.K. Chancellor of the Exchequer George Osborne pledged to cut the tax rate on company profits, saying he wants to create the most competitive corporate-tax regime of any major economy.