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Who the hell told you that Paul?
Any corporation with sales and nexus inside of the USA (a Foreign Corporation as opposed to a Domestic Corporation) must pay US and State plus any local taxes due in the USA first on every dollar earned on operations here.
Example: Marks and Spencer opens up a retail store and warehouse in Los Angeles: they must make a State of California Foreign Corporation registration to do business here. They must file with the IRS and California (+local?) an income tax return and pay the taxes that they owe.
I am not sure as to the reciprocity between the IRS and the UK Inland Revenue -- generally credit is given for foreign taxes paid on income with any UK taxes due on the profit beyond the taxes already paid by the USA subsidiary due above and beyond that already paid in the states? Ask Deloitte not me HAHA
Tax inversion for a USA corporation gets a lot more complex but it has to do with lower corporate rates applied in foreign jurisdictions. However, US persons (or business entities) that are shareholders would have to pay taxes as capital gains on any dividend distribution or earnings.
Hedgefunds play the short-term capital gains game or shelter their trading income in other ways to pay only the capital gains taxes and not be taxed as regular income -- consult your CPA for details.
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