Net-a-Porter tax arrangements questioned

Amidst a raft of high profile overseas owned businesses which have been identified as seeking to avoid paying tax in the UK, Net-a-Porter came under the spotlight at Channel 4 News.  It achieved sales of £435 million for the year to March 2013 yet declared a loss of £24.7 million due to in part to the way in which it rewarded its senior executives through shares.  The scheme used by Net-a-Porter, the parent company of which is based in Switzerland,  is currently legal but it is understood that HMRC is seeking to close various loopholes which are depriving it of the opportunity to collect tax.