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 have been 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 some global names have been getting big tax breaks on billion pound transactions in the tiny country of Luxembourg. They say legal tax efficiency is good news for shareholders. But in these austere times, Darragh MacIntyre asks: is big business paying its fair share?
