Mr. Niall Cody:

I stayed up late watching the committee's proceedings. The report is an excellent pull-together of the issue of BEPS and it makes recommendations. There is a consultation process under way and policy decisions to be made. That will take place over the next number of Finance Acts. We operate in a globalised world so the issues of aggressive tax planning and multinational exploitation of mismatches will always exist. Companies will look at how to minimise tax liability and maximise return to shareholders and that is fine.