In June 2008, the government announced that it was closing a tax loophole being used by Tesco. The scheme, identified by British magazine "Private Eye", utilised offshore holding companies in Luxembourg and partnership agreements to reduce corporation tax liability by up to £50 million a year. Another scheme previously identified by "Private Eye" involved depositing £1 billion in a Swiss partnership, and then loaning that money to overseas Tesco shops, so that profit could be transferred indirectly through interest payments. This scheme was still in operation and was estimated to be costing the UK exchequer up to £20 million a year in corporation tax. Tax expert Richard Murphy has provided an analysis of this avoidance structure.