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UK-based telecommunications agency Vodafone is to promote its stake in US cell phone firm Verizon netting £84bn (€99.2bn), however none of this can be eligible to be taxed by the British taxman, complains The Independent.

Whereas US tax authorities will declare a £3.2bn slice, Vodafone studies that its US division is owned by a holding firm within the Netherlands and so will keep away from paying UK tax. Features from the sale would additionally seem exempt attributable to a 2002 regulation on share sell-offs.

Tax watchdogs declare the corporate has a “ethical responsibility” to make a contribution following the settlement dubbed “one of many greatest offers in company historical past” by The Impartial.

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