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Out of top 100 UK Companies only 2 pay TAX!!

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posted on Oct, 11 2011 @ 11:20 AM
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All But Two FTSE 100 Firms 'Avoid Paying Tax'


Nearly all of Britain's biggest companies legally avoid tax in the UK, including the state-backed Royal Bank of Scotland (LSE: RBS.L - news) and Lloyds Banking Group (LSE: LLOY.L - news) , according to new research.

Action Aid found that 98 out of the 100 companies on the FTSE 100 (Euronext: VFTSE.NX - news) base their operations in territories where there is low or no tax.

The heaviest users were based in the financial sector despite the industry's role in the economic crisis.

Britain's four biggest banks - HSBC (LSE: HSBA.L - news) , Barclays (LSE: BARC.L - news) , Lloyds and RBS - have 1,649 tax haven companies between them.

But with 611 subsidiaries in tax havens, advertising giant WPP (LSE: WPP.L - news) tops the list.

Broadly a state or territory is considered a tax haven if it offers a low or zero rate of tax as well as a politically and economically stable environment to companies and individuals.

The UK has a number of these regions under its jurisdiction, including Jersey, Guernsey and the Isle of Man (Other OTC: MAGOF.PK - news) .

The charity says the practice is having a massive impact on both rich and poor countries, with developing nations losing three times more to tax havens than they receive in aid each year.

The only two firms on Britain's main share index that did not avoid tax in this way are precious metals miner Fresnillo (Frankfurt: A0MVZE - news) and Bristol-based financial services provider Hargreaves Lansdown.

Action Aid's tax justice expert Chris Jordan told Sky News that the UK could be missing out on £18bn a year in tax revenues due to the practice.

He said: "Tax havens have a damaging impact on the UK exchequer, the stability of the international financial system, and vitally on the ability of developing countries to raise tax revenues which would lift them out of poverty and make them less dependent on aid.

"When multinationals use tax havens to avoid paying their fair share, ordinary people in both poor and rich countries are left to pick up the bill. Spending on doctors, nurses and other essential services gets cut for those who need it most.

"Tax havens might provide the lure of financial secrecy and low tax rates for big companies, but at a time when all countries are desperate for revenues, the UK government can't afford to turn a blind eye."

Link : uk.finance.yahoo.com...




posted on Oct, 11 2011 @ 11:26 AM
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i heard the companies can charge off the taxes by investing back in the company if located in the u.k.

edit on 11-10-2011 by icepack because: (no reason given)



posted on Oct, 11 2011 @ 11:35 AM
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Thats how Tesco keeps expanding it uses its profit to expand and is now invading China
and America. This monster kills off all small businesses as it sells everything



posted on Oct, 11 2011 @ 11:40 AM
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there are tendencies to this old corner shop culture that was some time ago, like "buy local".



posted on Oct, 11 2011 @ 11:49 AM
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My conservative side tells me to ask,

how many jobs do they provide inside said countries? (total + economic impact)

My (tiny) liberal side would also admit,

probably no where near the amount lost in tax revenue..



posted on Oct, 11 2011 @ 12:07 PM
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reply to post by robertauthor
 


My son went to stay in little town near Taunton. I call it' TESCO TOWN'. It has, no had! a little town centre with an old Corn Exchange so was in the past obviously a thriving place to live. However, Tesco came to town and now its centre is completely dead, no little shops or specialist shops, in fact I took one look, drove in and then drove out. The locals benefitted from being able to select from a wider range of products but many have said the prices have gone up and there is no competition or alternative than to go to the next town.

I don't criticize Tesco although I don't think today, with all their purchasing power, we actually get an especially good deal as customers in the UK. I know milk farmers dislike the superstore monopoly over their businesses. We seem to pay considerably more for food than some other countries - but we seem to be considered the treasure trove market for any exploitative company, both our own and foreign.

As our Government is made up principally of millionaires, these people all must have got their money from somewhere. I would be very interested, as we cannot say our politicians are not criminal minded fraudsters, to know precisely where these millionaire politicians have got their money from and how many of them hold shares within these tax dodging huge British companies. I suspect a lot of them hold shares within the financial markets and all these companies, which is why to protect their yield there has been no real effective
legislation passed to stop the cheating. After all we literally crucify small companies and their directors for tax
evasion by confiscating their homes, goods via the Proceeds of Crime Act and bang them into prison. So how come this Act applies to small companies but not the listed ones. Lets not forget HM who it was revealed stumped a little cash up from the Virgin Islands, not held within the realm Marm... but never mind you and your wealthy buddies are safe as usual.



posted on Oct, 11 2011 @ 12:42 PM
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Originally posted by robertauthor
Thats how Tesco keeps expanding it uses its profit to expand and is now invading China
and America. This monster kills off all small businesses as it sells everything


Rather like Wallmart then, I wonder who started first, Tesco or Wallmart? Not that I really care, they dont, so no point in me caring, is there?



posted on Oct, 11 2011 @ 12:56 PM
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www.abovetopsecret.com...

It isn't just there, in fact it is global.

In the link above I pointed out that the majority stockholder in all Fortune 500 companies is the gov who as majority shareholder has the right to appoint the CEO's.

Conflict of interest... market manipulation, and increasing public debt is what the lowly civilians get. Bailouts and tax breaks along with protectionism is what the Gov grants itself. ... well, grants the corporate outlook ... the people can keep paying the bills...



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