The State of Tax Justice 2021 reveals that over $362bn (£269bn) in profit is shifted into the UK and its overseas dependencies by multinational corporations every year, costing the world over $101bn in tax lost to corporate tax abuse.

The research, jointly published by the Tax Justice Network (TJN), Global Alliance for Tax Justice, and global union Public Services International, found that the UK’s ‘spider web’, which refers to the way the UK’s overseas territories and crown dependencies often serves as satellite offshore jurisdictions, contributes to the overall tax evasion problem.

It also reveals that the world has lost an estimated $483bn (£359bn) of tax due to offshore tax evasion schemes committed by multinational corporations and wealthy individuals, up from last year’s figure of $427bn (£317bn).

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