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st4

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Margaret Hodge: Multi-millionaire Labour MP's family business 'paid just 0.25% tax on its profits' | Mail Online
Labour MP Margaret Hodge's family business paid just 0.25 per cent in tax on its profits last year, it emerged today.

The chairman of the Public Accounts Committee now faces embarrassing questions as she prepares to lead the questioning of U.S. companies over their controversial tax arrangements.
Mrs Hodge, a multi-millionaire former Labour minister, has been one of the fiercest critics of tax avoidance by companies such as Starbucks, Google and Amazon.

She is now likely to face questions over the limited tax paid by Stemcor, the steel trading company of which she is a shareholder and which was founded by her father and is run by her brother.
Analysis of Stemcor's latest accounts in today's Daily Telegraph show that the business paid tax of just £163,000 on revenues of more than £2.1billion in 2011.
However, it is not known whether the company – which made profits of £65million – used tax avoidance measures similar to those criticised in the past by Mrs Hodge.



Stemcor's tax bill to the Exchequer equates to just 0.01pc of the revenues it booked through its UK–based business.
In accounts filed with Companies House, Stemcor revealed that, despite generating about one third of its revenues in Britain, its UK tax contribution made up only 2.7pc of the tax the company paid globally.
Corporation tax in Britain currently stands at 24 per cent.
Stemcor, which claims to be the UK's sixth biggest private company by turnover, was founded by Mrs Hodge's father, Hans Oppenheimer, more than 60 years ago.


The majority of Stemcor's shares are still controlled by the Oppenheimer family and Mrs Hodge declares a 'registrable shareholding' in the company, which is run by her brother, Ralph Oppenheimer, the executive chairman.
Speaking to The Daily Telegraph, Mrs Hodge defended Stemcor's behaviour and said the company had 'assured' her it paid 'every penny of tax that is owed,' adding that she was only 'a very small shareholder'.
Mrs Hodge said: 'Clearly, I have asked them the question. They have always promised that they do absolutely nothing to avoid tax. I would be very mad if I found out differently.'
A spokesman for Stemcor defended the company's tax policy and said it paid more than many of its peers.

'In the past three years, a total of £14million of corporation tax has been paid by Stemcor in the UK. Stemcor's effective tax rate internationally in the last three years has been over 30per cent,' he said.
The spokesman added that Stemcor was 'happy' to provide more detail.







 
You need a pussy riot, not political threads, at your age Steve.
 
Have they broken any laws?

They say they've paid £14m in the last three years.
 
This chap looks happy - you could emulate him, with one hand on his gun, the other in his muff......

avery_fleece_hand_muff_kw-1_enviro.JPG
 
Ahhm... let's not forget it's the Daily Mail. Take it with a grain of salt (even if they are quoting The Telegraph).

'Analysis of Stemcor's latest accounts in today's Daily Telegraph show that the business paid tax of just £163,000 on revenues of more than £2.1billion in 2011.'

What does this mean? Apart from being tabloid journalism at its best....throwing around large figures which impress the naive readers abut have no connection to the issue whatsoever. Read it carefully... 'paid tax... on revenues...' - utter nonsense. Corporations do not pay tax on revenues, they pay tax on profit. But mentioning '£2.1billion' does help to nicely cloud-up the issue.

And they go on to say:

'However, it is not known whether the company – which made profits of £65million – used tax avoidance measures...'

So the Daily Mail's message is - we don't know the facts, and we can't bother to find-out either, but if we throw around large enough figures we will be able to convince you that they must be crooks.
 
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Another "Oh, they're not paying more tax than the law requires" moan.

If what they're doing is illegal, prosecute them.

If it isn't illegal either make it so or shut up moaning about it.
 
Shouldn't we be reducing Corporation tax, and attract more multinational companies to move there tax payments to the UK?
 
Can't be bothered.

I'm going to post on here instead and tell you what a fabulous car the C220cdi estate is and how nothing is as good as it:D

Stick another ready meal in the microwave Steve, make an evening of it!
 
There really is no finer car on the road than a C220cdi AMG sport estate with 5g automatic tranmission.

Phew, glad I got that off my chest:bannana::bannana:

Nurse!! *** needs his medication again..
 

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