Multinationals shift losses, as well as profits
"At present, UK tax law allows a company to carry legacy losses forward indefinitely until it has made the same amount in profits, avoiding tax on any earnings in the interim. The rule has raised fears Britain's banks could avoid paying tax for decades. Merrill Lynch, for example, booked £13bn of credit crunch losses through its London offices last year."
Let's hope that the UK pre-budget report, due out shortly, will take steps to address this.