A row over the amount of tax paid by the firm that employs the prime minister’s husband has been revived – just in time for Christmas.
It was reported last year that the investment firm that employs UK prime minister Theresa May’s husband, Philip, had not paid any Corporation Tax since 2009.
The tax is paid only on profits, and it seems Capital International Ltd had managed to make a loss of £125 million over the eight-year period between 2009 and 2017.
It did, however, have a turnover of £467 million – nearly half a billion pounds – in the same period, and has assets of £1.1 trillion.
And it managed to pay its board of directors a total of £43 million in salaries and benefits during that time.
You have to admit, it’s a little odd for a firm to be paying out bonuses to anybody at all if it is losing money.
It seems the company, which is part of the international Capital Group, made its losses after making multi-million pound payments to its parent organisation which is based in the United States and pays its taxes there. Another subsidiary, Capital International Sarl, is bassed in the tax haven of Switzerland.
It does not pay tax in years when it makes losses or in years when those losses have been carried forward.
The amount paid to Mr May is not known as the prime minister does not have to declare it.
The company expressed an intention to start paying tax again in 2018 and it is possible that the row has erupted again because we have seen no evidence that this has happened.
What are we to make of this?
People are certainly asking hard questions on the social media:
.@theresa_may why has your husband’s company not paid corporation tax for the past 8 years? To be a credible leader this needs clarification now.
— Paul Burnett (@paul_burnett27) December 20, 2018
News broke yesterday that Philip May’s company hasn’t paid any corporation tax for 8 years—since the Tories came to power.
Guess what’s occupying the news for a second day? https://t.co/pxkGyb9jMQ
— Mike 🏴🚩 (@mfinnthepoet) December 20, 2018
Meanwhile, Mrs May has been spotted in an exclusive shop where a handbag can cost hundreds of thousands of pounds – a price she certainly can’t afford on her Parliamentary salary:
As a man dies next to Westminster and over a 100,000 kids live in temporary accommodation this Christmas, Theresa May shops in luxury retailer Hermes – where handbags can cost several hundred thousand pounds.
Merry Christmas. pic.twitter.com/rfNYh0B1uU
— Aaron Bastani (@AaronBastani) December 21, 2018
I would like to have some answers on this. Wouldn’t you?
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