After all the coverage in the news a few weeks ago in regards to giant household company names such as Google, Facebook and Starbucks exercising loopholes to dodge tax bills, it seems the US is showing us how its done and flexing their muscles to play the bullies at their own game using some loopholes of their own!
My question is... it may have worked with a giant like the US but would it simply drive firms away from UK shores if little old Blighty were to do the same?
Statement from, Allergan CEO Brent Saunders:- The US has targeted the deal in their new Tax rules: “It really looked like they did a very fine job of constructing a rule here, a temporary rule, to stop this deal, and obviously it was successful. "For the rules to be changed after the game has started is a bit un-American, but that's the situation we're in," "We built this deal around the law, the regulations, all the notices that were put out by the Treasury and it was a highly legal construct. We followed the rules that Congress had set for companies looking to move to foreign domicile.” The deal between Pfizer and Allergan would have been the largest industry's history, and would have created the world’s largest pharma company, with a market capitalisation in excess of $300 billion.