Taxpayers subsidise corporations

One in four of the UK's top companies pay no tax while we give THEM millions in credits

Daily Mail,

26 January, 2013

Almost one in four of Britain’s biggest listed companies paid no corporation tax in this country last year – and almost half fail to disclose their tax payments to the UK at all, according to research by The Mail on Sunday.

Analysis of the latest annual reports and accounts of all the companies in the FTSE 100 found that 47 companies gave no obvious figures for tax paid in Britain.

Of the 53 who did, 12 showed they paid no tax at all and, of these, six actually received a tax credit.

The 12 with no tax bill in the UK last year were: British American Tobacco, Experian, G4S, IMI, Intertek, Rolls-Royce, RSA Insurance, Smiths Group, Tate & Lyle, Tui Travel, Vodafone and Vedanta. The 12 paid £5.6 billion in corporation taxes in other countries.

The figures revealed today are likely to fuel the debate about tax. Revenue & Customs has been criticised for naming and shaming small firms dodging their tax bills, while doing nothing to tackle big tax avoiders such as Starbucks, Amazon and Google.

The news also comes as politicians in Europe agreed new rules to force banks to reveal how much tax they pay in each country they operate. Euro politicians are now planning to widen the plans and force all corporates to lift the veil on their tax payment, country by country.'

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