Sir, Margrethe Vestager may be fighting for the EU against American companies’ profits in Europe but, lest she forgets, EU companies have not been angels.

As recently as 2013, many FTSE 100 companies that did business in the US had so-called tower structures, which result in an interest deduction in the US and no income in the UK (for which read: no UK tax), due to the hybrid nature of such tax planning (debt for US tax purposes and dividends for UK tax purposes, which are exempt from UK tax, unlike interest income).

Let’s create a level playing field, Ms Vestager.

Dr Gunther Steinbacher

Tutzing, Germany

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