Britain targets ‘double Irish’

A new British tax on companies that shift profits out of the country and into tax havens will target inter-company fees for services like use of intellectual property.

Companies will also be required to report their potential liability to the new tax, which will sit outside the existing corporate tax system, according to a Treasury document seen by Reuters.

That is intended to avoid legal challenges under existing tax treaties with countries like Ireland, a major conduit for shifted profits.