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Margaret Hodge's family company pays just 0.01pc tax on £2.1bn of business

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    Margaret Hodge's family company pays just 0.01pc tax on £2.1bn of business

    " The Labour MP has been one of the fiercest critics of tax avoidance by companies such as Starbucks, Google and Amazon. However, she is likely to face questions over the limited tax paid by Stemcor, the steel trading company in which she owns shares and which was founded by her father and is run by her brother.

    Analysis of Stemcor’s latest accounts show that the business paid tax of just £163,000 on revenues of more than £2.1bn in 2011. However. it is not known whether the company – which made profits of £65m – used similar controversial tax avoidance measures 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.

    Stemcor was founded by Mrs Hodge’s father Hans Oppenheimer more than 60 years ago.

    Today, the business claims to be the sixth largest private UK company by turnover. Last year the company, which employs 2,000 people in 45 countries, generated sales of £6bn from trading about 20m tonnes of steel. "

    Source: Margaret Hodge's family company pays just 0.01pc tax on £2.1bn of business generated in the UK - Telegraph

    Oh FFS, you can't make this tulip up, if company does not make enough money to pay taxes (and presumably dividends to shareholders also?) then why won't she sell shares?

    #2
    Not that it makes it any better, but isn't £163k tax paid on £65m profits 0.25% rather than 0.01%?

    It doesn't matter what your turnover is. It does matter what your profit on that turnover is.

    Comment


      #3
      Another thing the land value tax would solve

      Comment


        #4
        Originally posted by Gentile View Post
        It doesn't matter what your turnover is.
        It matters in that somebody with a turnover of a billion should be reasonably expected to make some profit on which they would have to pay tax.

        Comment


          #5
          Originally posted by AtW View Post
          It matters in that somebody with a turnover of a billion should be reasonably expected to make some profit on which they would have to pay tax.
          Plenty of companies turn over billions and make a loss. Are you sure you're cut out for this business lark?
          Hard Brexit now!
          #prayfornodeal

          Comment


            #6
            "Stemcor was founded by Mrs Hodge’s father Hans Oppenheimer more than 60 years ago."

            They pick out the German sounding name...

            "more than 60 years ago"

            ...so that would have been in the 40s.

            Yup, she is nazi by derivation and should pay more tax.

            Pile of tulipe.

            Comment


              #7
              Originally posted by AtW View Post
              " The Labour MP has been one of the fiercest critics of tax avoidance by companies such as Starbucks, Google and Amazon. However, she is likely to face questions over the limited tax paid by Stemcor, the steel trading company in which she owns shares and which was founded by her father and is run by her brother.

              Analysis of Stemcor’s latest accounts show that the business paid tax of just £163,000 on revenues of more than £2.1bn in 2011. However. it is not known whether the company – which made profits of £65m – used similar controversial tax avoidance measures 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.

              Stemcor was founded by Mrs Hodge’s father Hans Oppenheimer more than 60 years ago.

              Today, the business claims to be the sixth largest private UK company by turnover. Last year the company, which employs 2,000 people in 45 countries, generated sales of £6bn from trading about 20m tonnes of steel. "

              Source: Margaret Hodge's family company pays just 0.01pc tax on £2.1bn of business generated in the UK - Telegraph

              Oh FFS, you can't make this tulip up, if company does not make enough money to pay taxes (and presumably dividends to shareholders also?) then why won't she sell shares?
              No surprise there. Margaret Hodge - Wikipedia, the free encyclopedia

              Yet another fu-3ing name changing foreigner in the government working for their own gain.
              "A people that elect corrupt politicians, imposters, thieves and traitors are not victims, but accomplices," George Orwell

              Comment


                #8
                Originally posted by minestrone View Post
                "Stemcor was founded by Mrs Hodge’s father Hans Oppenheimer more than 60 years ago."

                They pick out the German sounding name...

                "more than 60 years ago"

                ...so that would have been in the 40s.

                Yup, she is nazi by derivation and should pay more tax.

                Pile of tulipe.
                Oh dear. They were German Jewish, that's why they left. Top daily mail reporting that.
                While you're waiting, read the free novel we sent you. It's a Spanish story about a guy named 'Manual.'

                Comment


                  #9
                  Originally posted by Paddy View Post
                  No surprise there. Margaret Hodge - Wikipedia, the free encyclopedia

                  Yet another fu-3ing name changing foreigner in the government working for their own gain.
                  Both sides of my family had to change names to fit in, On my mother's side Baroness had to be shifted to Barnes in the 40s as it was too German, the Irish side which had a French Norman name was anglicised when my great grandfather came across from Ireland to fight for the British in the Boer war.

                  You can ram that comment up where the sun don't shine. I'll do it for you.

                  Comment


                    #10
                    I paid 0% tax on my personal income last year of ~£42K (combo of salary + dividends).

                    Do I get a prize?
                    Contracting: more of the money, less of the sh1t

                    Comment

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