Panorama

Aggressive tax avoidance was branded 'morally repugnant' by the chancellor in the last budget. But what does he mean? Panorama investigates how some of the UK's most famous companies are using a tax haven at the heart of Europe to save millions in tax. Armed with a cache of secret documents, the programme reveals how global names have received big tax breaks on billion-pound transactions in the tiny country of Luxembourg. They say legal tax efficiency is good news for shareholders. In these austere times, Darragh MacIntyre asks: is big business paying its fair share?