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Except it's not even cheating, everything they do is legal. I personally see no problem with this either by the way, cause the percentage of tax companies 'have to' pay is completely arbitrary anyway. Who says it's morally better to pay 30% than 20%, or 10%...or 0%. The money doesn't disappear, it just moves to different bank accounts in the name of private persons who subsequently pay personal taxes on the money depending on where they live.
Sadly I'm not a wealthy man but I still feel that most of the people complaining about this are more peeved that they aren't the ones doing it and disguise that as moral outrage. If it were them in the position though...I'd wager pretty much all of them would take the fat tax-free cheque in a heartbeat.
I thought this kind of jealous culture was a Dutch specialty...kinda disappointed to see the brits fall to hypocrisy as well.