Corporate Tax: HMRC Nets £1bn In 2013 Dodges

The Tax Office's tackling of corporate tax avoidance has safeguarded revenue by more than £1bn this year, according to the Treasury.

Exchequer Secretary to the Treasury David Gauke revealed the figure at the first HM Revenue and Customs (HMRC) Stakeholder Conference in London.

It was also revealed that Land Securities and P&O were among the companies involved in court cases over tax avoidance disputes.

The British shipping and logistics company aimed to get an extra £14m in tax relief by artificially boosting the credit due for tax paid on dividend income, according to HMRC.

But it challenged the scheme and a tribunal ruled that P&O's transactions were all part of an "elaborate trick" designed to exploit the rules.

Mr Gauke said: "These are complex, intricate schemes and without the technical skills, resources and sheer commitment of HMRC's specialists they would go unchallenged, costing the country billions of pounds every year.

The main rate of corporation tax in the UK is currently 23%, but is due to drop to 21% from 2014.

The Organisation for Economic Cooperation and Development (OECD) is due to publish an action plan for creating a fairer and more transparent global tax system, on Friday.

The OECD represents more than 30 countries and promotes trade and economic progress.

When asked whether he felt international cooperation over closing cross-border tax loopholes was improving, Mr Gauke told Sky News: "There is no magic bullet and the whole thing gets solved overnight, but I think we are making good progress."