In June 2020, a multinational semiconductor firm called Altera (now part of Intel) lost a five-year court battle in the US over the allocation of share-based payments to research and development staff between its American- and Cayman Islands-based units. This week, an Irish subsidiary of the image-focused social network Pinterest filed accounts revealing that it had written more than half a billion dollars off the value of intellectual property the group had transferred to Ireland at the end of 2019, with significant implications for its tax bills in this country in the future. In a legal and corporate version of…

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