Taxman 'loath to chase big firms'

Tax authorities have been holding back on using sanctions against multinational companies, while pursuing small businesses and individuals, according to a new parliamentary report.

HM Revenue and Customs seems to "lose its nerve" when faced with the prospect of taking legal action against global giants, and has fallen short on the unpaid tax it hoped to extract from Swiss bank accounts - collecting just £440 million so far this financial year, rather than the £3.12 billion forecast after a bilateral agreement - said the House of Commons Public Accounts Committee.
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