Ron Pearl and others think not and the UK tax set up is in decay...
   Cosy relationship keeps corporates happy but could cost 20bn in taxes
   Investigative report indicating that the Inland Revenue's Large
   Business Office, which is supposed to scrutinise the tax liability of
   the UK's largest corporations, has been operating with a 'sweeping
   disregard for the law'
   ( Nick Davies via Guardian )
   See also these minutes of an LBO meeting with eight 'large corporates'
   from March, these minutes of an Inland Revenue committee meeting from
   January, and this blog entry from April available at...
   [1]http://www.hullocentral.demon.co.uk/site/anfin.htm
   "He who fights with mongo's might take care lest he thereby become a
   mongo.".

References

   1. http://www.hullocentral.demon.co.uk/site/anfin.htm