And after everyone in the UK payed out in their taxes for the olympics and then
couldn't even get a ticket to see the thing unless they got very deep pockets.
We won't even get much back in tax.
In July and August this year Stratford, East London, will become a temporary tax haven. Millions of pounds will be channelled
through foreign subsidiary companies operating in the area before it leaves these shores for the pockets of shareholders and CEOs the world over.
How is this possible in a country like the UK you might ask? The sad fact is that enacting tax avoidance legislation has now become a criteria for
hosting international competitions such as the Olympics. Big name athletes such as Usain Bolt (along with the organisers) have applied pressure to
potential host nations to ensure that winnings (and profits) are not taxed.
For the duration of the olympics the following companys won't pay any tax in the UK.
And this list is only some off them.
And remember the olympics was going to cost only(?) £2.3 billion when it was
bid for and has gone up to £11 billion payed out by the Public Sector.
The loss in tax which is estimated to be £600 million so even if the tax was payed it's
won't even dent the cost to the public.
The Olympic Games are a huge endeavour against a fixed deadline and under the eyes of the world. The Government's preparations and
management of the £9.3 billion Public Sector Funding Package are led by the Department for Culture, Media and Sport. The Department works with a wide
range of bodies including the Olympic Delivery Authority, which is responsible for the construction of new venues and infrastructure required for the
Games, and the London Organising Committee of the Olympic and Paralympic Games (LOCOG), which is responsible for staging the Games.
The Great Olympic Tax Swindle
The Olympic Delivery Authority's programme is on track and within budget. The Delivery Authority's management of its building programme has been
exemplary. However, due mainly to significant increases in the cost of venue security, the likelihood of staying within the overall £9.3 billion
Public Sector Funding Package is very finely balanced once the Department's own best estimates of the most likely costs are taken into account. The
Funding Package of £9.3 billion allocated to the Olympics does not cover the totality of the costs to the public purse of delivering the Games and
their legacy, which are already heading for around £11 billion.
Can we let paris win it next time.
edit on 10/7/2012 by skuly because: colour again