TOP TAX DODGING BENEFIT SCROUNGERS REVEALED
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Almost 1 in 5 of business corporations paid no taxes last year and some even got a handout from the taxman. Names such as BP, Royal Mail, and British Gas owner Centrica are included. Some firms pay their ‘jobs for the boys’ chief executives more than they pay in tax. Yet, every week small firms go to the wall not because they are unsuccessful but they cannot bear the unfair tax burden placed upon them.
A report reveals that the tax paid by 69 of the FTSE 100 group of largest companies on the stock market, many refuse to publish these figures in their annual reports. The remaining 31 refused or failed to respond to repeated requests to disclose their tax payments.
Where details could be obtained, 13 firms, equivalent to one in five of the 69 that came clean, either paid no corporation tax in Britain or received a tax credit from HM Revenue & Customs. The list includes household names fat cat corporations.
Usually, firms pay corporation tax of 19 per cent of their total profits. BP made £5.6 billion in profit last year, yet still received tax credits worth £134 million. That meant it was a net receiver of tax money in the UK, rather than contributing to the cost of running the country where its shares are listed.
Royal Mail boss Rico Back stands to earn £1.4million this year on top of a £5.8million ‘golden hello’ for joining the company. But Royal Mail’s UK profit was artificially increased rather than reduced by tax, thanks to a huge tax credit of £93million.
None of the companies is accused of acting illegally, but most have used UK tax laws to reduce their payments from the amount they might have been expected to pay. Britain has been revealed by experts as the most corrupt of all the developed nations. The elite gets away with it simply because instead of outlawing corruption parliamentarians, many in the pay of corporations, legalised corruption. So that is alright then.
These rules allow firms to use opaque schemes and loans to move money from one jurisdiction to another, they do not have to declare what they have done and so many of the methods used to slash tax bills remain secret.
Michael Walsh was awarded ‘Writer of the Year 2011’. With 60 books bearing his name, thousands of new stories and columns, Michael is arguably Britain and Europe’s most prolific author of multi-topic books none of which have been ghost-written.
MICHAEL WALSH is a journalist, broadcaster and the author of RISE OF THE SUN WEEL, EUROPE ARISE, TROTSKY’S WHITE NEGROES, MEGACAUST, DEATH OF A CITY, WITNESS TO HISTORY, THE BUSINESS BOOSTER and THE FIFTH COLUMN VOLUME I and II, FOR THOSE WHO CANNOT SPEAK, IMMORTAL BELOVED, THE ALL LIES INVASION, INSPIRE A NATION Volume I, INSPIRE A NATION Volume II and other book titles. These illustrated best-selling books are essential for the libraries of informed readers.
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