In theory, the tax break avoids double taxation on corporate profits filed in other countries, but the trouble with that is that a portion of those profits are bing booked in tax havens that have no income tax.

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The assembled worthies shook their fists at international tax havens but made no coordinated effort to reduce their own overly high, growth-killing income tax rates.

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Richard Baron, head of taxation at the UK-based Institute of Directors, says there is no doubt that there are some very complicated avoidance schemes that use tax havens but people should not always impute a "dodgy reason".

BBC: Tax havens: Is the tide turning?