https://socialistworker.co.uk/art/47679/The+Troublemaker+++one+fifth+of+big+companies+paid+no+tax+on+their+profitsThe Troublemaker - one fifth of big companies paid no tax on their profits
One in five of Britain’s biggest listed companies paid not a penny of tax on their profits last year.
Details of the tax paid by 69 of the 100 largest companies on the stock market has emerged. The remaining 31 refused to disclose their tax payments.
Some 13 firms either paid no corporation tax in Britain or even got a tax credit from the government.
The list includes BP, Royal Mail
and British Gas owner Centrica.
Usually, firms pay corporation tax of 19 percent of their total profits.
BP made £5.6 billion in profit last year—yet still received tax credits worth £134 million.
That meant it paid no tax on its profits.Royal Mail boss Rico Back stands to earn £1.8 million this year on top of a glittering £5.8 million “golden hello” for joining the company.
Royal Mail made around £39 million profit here last year and £212 million globally. Yet it got a tax credit of £93 million.
Centrica’s annual report says it “received a cash refund of tax overpaid in periods prior to 2015”.
Randgold Resources, which mines gold in Africa, is based in the Channel Islands and pays no tax in Britain. Chief executive Mark Bristow received over £7 million last year.
Land speculators British Land and Segro, paid no tax last year. Liverpool Football Club shirt sponsors Standard Chartered bank, which made £1.8 billion profit last year, got a £12 million tax credit.