Comments on: Tax havens and big business: What’s happened to the Chancellor’s Review? http://touchstoneblog.org.uk/2009/02/tax-avoidance-and-tax-havens-congratulations-to-the-guardian/ Policy news and comment from the Trades Union Congress (TUC) Sat, 11 Feb 2012 20:54:53 +0000 hourly 1 By: Tax Research UK / What is happening to the Tax Haven Review? http://touchstoneblog.org.uk/2009/02/tax-avoidance-and-tax-havens-congratulations-to-the-guardian/comment-page-1/#comment-1326 Tax Research UK / What is happening to the Tax Haven Review? Wed, 04 Feb 2009 09:52:34 +0000 http://www.touchstoneblog.org.uk/?p=1840#comment-1326 [...] announced a review of British Tax Havens in the Pre Budget Report. Nothing has been heard since. As Adam Lent says on the TUC [...] [...] announced a review of British Tax Havens in the Pre Budget Report. Nothing has been heard since. As Adam Lent says on the TUC [...]

]]> By: Snowblog - Why is Britain a haven for tax havens? http://touchstoneblog.org.uk/2009/02/tax-avoidance-and-tax-havens-congratulations-to-the-guardian/comment-page-1/#comment-1307 Snowblog - Why is Britain a haven for tax havens? Tue, 03 Feb 2009 19:07:33 +0000 http://www.touchstoneblog.org.uk/?p=1840#comment-1307 [...] more tax havens than any other country in the world. Not only these islands (whose uncertain status Chancellor Alastair Darling has ordered an inquiry into) but places like Gibraltar, the Cayman Island, Turks and Caicos. And [...] [...] more tax havens than any other country in the world. Not only these islands (whose uncertain status Chancellor Alastair Darling has ordered an inquiry into) but places like Gibraltar, the Cayman Island, Turks and Caicos. And [...]

]]> By: Adam http://touchstoneblog.org.uk/2009/02/tax-avoidance-and-tax-havens-congratulations-to-the-guardian/comment-page-1/#comment-1285 Adam Mon, 02 Feb 2009 13:16:29 +0000 http://www.touchstoneblog.org.uk/?p=1840#comment-1285 Richard Murphy has now addressed the detail of Guardian Media Group's tax affairs here: http://www.taxresearch.org.uk/Blog/2009/02/02/the-guardians-tax-gap/ Richard Murphy has now addressed the detail of Guardian Media Group’s tax affairs here: http://www.taxresearch.org.uk/Blog/2009/02/02/the-guardians-tax-gap/

]]> By: Adam http://touchstoneblog.org.uk/2009/02/tax-avoidance-and-tax-havens-congratulations-to-the-guardian/comment-page-1/#comment-1284 Adam Mon, 02 Feb 2009 10:03:53 +0000 http://www.touchstoneblog.org.uk/?p=1840#comment-1284 I'm sure Guardian Media Group can speak for themselves but what you have described seems to me acceptable use of reliefs for the purposes of promoting investment. It doesn't even come vaguely close to the deliberate and artifical use of tax havens purely for the purpose of avoiding tax described in The Guardian today. The TUC has always been very clear in its research that there is nothing wrong with tax reliefs and allowances as long as they serve a clear social or economic purpose and are not abused by the wealthiest individuals and organisations simply to avoid tax. I’m sure Guardian Media Group can speak for themselves but what you have described seems to me acceptable use of reliefs for the purposes of promoting investment. It doesn’t even come vaguely close to the deliberate and artifical use of tax havens purely for the purpose of avoiding tax described in The Guardian today. The TUC has always been very clear in its research that there is nothing wrong with tax reliefs and allowances as long as they serve a clear social or economic purpose and are not abused by the wealthiest individuals and organisations simply to avoid tax.

]]> By: Trotsky http://touchstoneblog.org.uk/2009/02/tax-avoidance-and-tax-havens-congratulations-to-the-guardian/comment-page-1/#comment-1283 Trotsky Mon, 02 Feb 2009 09:47:35 +0000 http://www.touchstoneblog.org.uk/?p=1840#comment-1283 Of course, it's a different thing altogether when the Guardian Media Group uses legal methods to avoid tax isn't it... GMG, publisher of The Guardian and The Observer, collected £335m last year from the sale of a half-share in the company that houses Auto Trader magazine and its website. According to its annual report, published yesterday, income from the sale, and interest payments to the company, helped turn an operating loss of £63m into a headline profit of £306.4m. However, because GMG was entitled to tax relief for accruing losses, reinvesting the Auto Trader money, and writing down the value of its investment in new printing presses, it signed off the year to March 2008 with a tax credit of £800,000. Grant Thornton senior tax partner Mike Warburton said: "Guardian Media Group has enjoyed a tax holiday courtesy of some very helpful rules introduced by their friend Gordon Brown. They are taking full advantage of the relief legally available to them, which all businesses should do. That's fine, but don't knock people who do exactly the same." http://tinyurl.com/begerz Of course, it’s a different thing altogether when the Guardian Media Group uses legal methods to avoid tax isn’t it…

GMG, publisher of The Guardian and The Observer, collected £335m last year from the sale of a half-share in the company that houses Auto Trader magazine and its website.

According to its annual report, published yesterday, income from the sale, and interest payments to the company, helped turn an operating loss of £63m into a headline profit of £306.4m.

However, because GMG was entitled to tax relief for accruing losses, reinvesting the Auto Trader money, and writing down the value of its investment in new printing presses, it signed off the year to March 2008 with a tax credit of £800,000.

Grant Thornton senior tax partner Mike Warburton said: “Guardian Media Group has enjoyed a tax holiday courtesy of some very helpful rules introduced by their friend Gordon Brown. They are taking full advantage of the relief legally available to them, which all businesses should do. That’s fine, but don’t knock people who do exactly the same.”

http://tinyurl.com/begerz

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