HeadingNorth Posted February 19, 2011 Share Posted February 19, 2011 Nope. Not even Barclays would pretend that its mind-boggling structure – with 30 subsidiaries in the Isle of Man, 38 in Jersey and 181 in the Cayman Islands – is unconnected with tax. Nor they would. That's exactly the point. They only pay corporation tax on profits made in this country. Man, Jersey and the Caymans are not in this country. Link to comment Share on other sites More sharing options...
spindrift Posted February 19, 2011 Share Posted February 19, 2011 Corporate theft. Financial chicanery. Scum like Diamond lecture us on responsibility and necessity whilst doing everything in their power to avoid it for themselves. We should tell them "28% or we re-nationalise". Link to comment Share on other sites More sharing options...
Tony Posted February 19, 2011 Share Posted February 19, 2011 Maybe Boeing, Sony, Gazprom and the Sydney Opera House can pay the UK 28% tax too? Link to comment Share on other sites More sharing options...
robS35 Posted February 19, 2011 Share Posted February 19, 2011 Barclays branches targeted in protests against tax avoidance UK Uncut mounts direct action against 50 branches as Barclays admits it paid 1% corporation tax in 2009 More than 50 branches of Barclays bank across the UK have been targeted by activists protesting against tax avoidance. The direct action by UK Uncut, taking place in more than 30 towns and cities including London, Liverpool, Manchester and Birmingham, came as Barclays was forced to admit it paid just £113m in UK corporation tax in 2009 – a year when it rang up a record £11.6bn of profits. A UK Uncut spokesman said: "We are hoping to very peacefully and legally send a big message to Barclays that paying 1% corporation tax is not really acceptable." http://www.guardian.co.uk/uk/2011/feb/19/barclays-ban-protests-tax-avoidance But the 11.6 billion worldwide profits and not UK profits. They pay UK corporation tax on UK earnings and not worldwide. But hey lets not let the truth get in the way of a good headline grabbing but totally misleading story. Link to comment Share on other sites More sharing options...
spindrift Posted February 19, 2011 Share Posted February 19, 2011 Ever wonder why The Sun don't scream and shout about large corporations fiddling their taxes? According to The Economist, Mr Murdoch has saved at least £350m in tax - enough to pay for seven new hospitals, 50 secondary schools or 300 primary schools. http://news.bbc.co.uk/1/hi/business/299543.stm Ironic, for the owners of newspapers that like to whine about "Scrounging asylum seekers". Link to comment Share on other sites More sharing options...
spindrift Posted February 19, 2011 Share Posted February 19, 2011 But the 11.6 billion worldwide profits and not UK profits. They pay UK corporation tax on UK earnings and not worldwide. But hey lets not let the truth get in the way of a good headline grabbing but totally misleading story. Yes, I'm sure the bulk of their profits were made from the populations of those well-known heavy-industrial, mineral-rich Cayman Islands, the Channel Islands and the Isle of Man Link to comment Share on other sites More sharing options...
Tony Posted February 19, 2011 Share Posted February 19, 2011 Ever wonder why The Sun don't scream and shout about large corporations fiddling their taxes? According to The Economist, Mr Murdoch has saved at least £350m in tax - enough to pay for seven new hospitals, 50 secondary schools or 300 primary schools. You had best contact Scotland Yard if Murdoch or his business is fiddling their tax. Link to comment Share on other sites More sharing options...
spindrift Posted February 19, 2011 Share Posted February 19, 2011 An attempt by Barclays to suppress details of its allegedly massive tax avoidance schemes two years ago ended in farce. The high street bank went to court in the middle of the night to gag the Guardian but was outmanoeuvred by free-spirited souls on the internet. The memos also quoted advice from lawyers on how to blunt any challenges from HM Revenue & Customs. The whistleblower alleged: "It is a commonly held view that no agency in the US or the UK has the resources or the commitment to challenge [barclays]." http://www.guardian.co.uk/media/2011/feb/18/guardian-barclays-tax-secrets Arrogant parasites. Link to comment Share on other sites More sharing options...
foxy lady Posted February 19, 2011 Share Posted February 19, 2011 It is interesting to read the Companies Act 2006 as revised and presented by Margaret Hodge MP. The very first requirement of company directors is that they should always act in the best interests of the company. It doesn't say that they are required to act in the best interests of the UK tax man. Indeed that would be in conflict with their primary directive. It is therefore enshrined in UK law that UK companies should try their best to avoid paying tax without evading it. Following on from that it would appear that a company that made 90% of its profits overseas would be required to pay tax on its profits in whichever location was in the best interests of the company. Not to do so would be a breach of the directors duties as enshrined in UK law. Link to comment Share on other sites More sharing options...
Wildcat Posted February 19, 2011 Share Posted February 19, 2011 It is interesting to read the Companies Act 2006 as revised and presented by Margaret Hodge MP. The very first requirement of company directors is that they should always act in the best interests of the company. It doesn't say that they are required to act in the best interests of the UK tax man. Indeed that would be in conflict with their primary directive. It is therefore enshrined in UK law that UK companies should try their best to avoid paying tax without evading it. Following on from that it would appear that a company that made 90% of its profits overseas would be required to pay tax on its profits in whichever location was in the best interests of the company. Not to do so would be a breach of the directors duties as enshrined in UK law. Who bears moral responsibility for the actions of the banks? http://www.youtube.com/user/machbar#p/u/17/3vorWknUybY Link to comment Share on other sites More sharing options...
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