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Browse thousands of words and phrases selected by Financial Times editors and suggest new terms for the glossary.

 

Term of the day

double Irish

The double Irish, exploited by Google, Microsoft and Facebook, is the most controversial tax loophole. It allows multinationals that use Ireland as a foreign operating base to avoid its modest 12.5 per cent corporation tax. Profits are instead routed to a subsidiary in Bermuda.

It depends on Ireland’s permissive view that an Irish-registered business should be taxed where it is managed, even if that is an island where shorts are business attire.

This irritates the US government, which would like...