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    People also tend to forget that if ABCD Multinational Corporation, based in the Cayman Islands, opens a chain of, say, 100 coffee shops in the UK and employ, say 2500 people here to operate them, while they may pay no corporate taxes here they will still be generating a massive direct NI and income tax yield for HMRC in the UK . They will also be generating a lot of business with UK suppliers and adding significantly to UK economic activity generating further tax revenues and employment.

    To suggest that these companies are not benefiting HMRC revenues or the economy just because they pay no Corporation tax is simply wrong.

    I would also suggest, Peter - that the bosses of such companies have a duty to ensure that they are run efficiently and do not pay excessive tax. They would be negligent not to consider their tax domicile.

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