Sunak urged: Crack down on tax havens

RISHI Sunak is being urged to act "immediately" to crack down on UK-based firms stashing their profits in overseas tax havens, in a move Labour claims would raise as much as £7 billion per year.

Sir Keir Starmer's party wants the Prime Minister to implement a "multinational top-up tax" in line with reforms agreed by the G20 in 2021.

Under the plans, major companies with their headquarters in the UK would have to pay an effective rate of 15% on any profits they make in other jurisdictions around the world.

If they did not do so, Britain would be able to charge a top-up tax at home and gain that revenue, save for some exceptions.

This would only apply to firms with global revenues of more than 750 million euros (£655 million) per year.