Glencore accused of slashing tax bill by using complex insurance deals

Commodity trader's UK profits are being depressed, but company says contracts are not designed to avoid taxA leading tax expert has accused Glencore of cutting its UK tax bill by tens of millions of pounds after profits at the commodity trader's London arm were depressed by complex insurance contracts taken out with its own parent.The latest Glencore tax controversy, which comes as the group prepares for another landmark day in its long-running battle to acquire the miner Xstrata, follows the co...