Link to this page: http://www.socialistparty.org.uk/issue/742/15680

From The Socialist newspaper, 14 November 2012

National Shop Stewards Network lobby of the TUC congress in Manchester September 2010, photo Paul Mattsson

National Shop Stewards Network lobby of the TUC congress in Manchester September 2010, photo Paul Mattsson   (Click to enlarge)

Make the corporate tax dodgers pay up!

Nationalise gas, water and other utility companies

Starbucks, Google, Amazon, Pfizer - the list of corporate tax dodgers grows and grows. On top of that it has emerged that gas companies have allegedly been fixing the price of wholesale gas to further boost their mega profits. Becci Heagney explains another outrage in the utility companies.

Among the latest tax avoidance revelations, the Observer has exposed the water companies. Three main providers have paid little or no corporation tax, despite declaring hundreds of millions of pounds in profits and paying huge dividends to their shareholders.

Thames Water had a net cash inflow of 943 million in 2010-11 but only paid 26 million in tax and for 2012 they got a tax rebate of 79.6 million!

In 2012 Yorkshire Water paid just 2.9 million tax on operational profit of 303 million and one part of Anglian Water paid no corporation tax at all.

All of these companies paid their chief executives massive bonuses though. For example Peter Simpson, the boss of Anglian Water, got a bonus of 626,700 on top of his 300,000 salary. Collectively, between 2009 and 2011 these companies paid over 3 billion in dividends to their holding and financing companies.

Customers of these companies would be forgiven for thinking it strange, then, that their bills are going up this year. Anglian Water is increasing its bills on average by 22, Yorkshire Water by 21 and Thames Water by as much as 80 a year in 2014.

People feeling the pinch don't have much choice as in most areas one company has a monopoly and there is nowhere else you can go for lower prices. So much for Thatcher's 1989 Tory Party conference promise: "Once water is in the private sector, companies will...give the customer a far better deal."

These companies assert they are 'delaying', not 'avoiding', paying their tax. They borrow large sums of money and offset their interest payments against the amount of tax they are supposed to pay and also claim capital allowances on investments - promising to pay their tax 'somewhere' down the line.

We need to kick out these parasitical profiteers who increase prices, make massive profits but still refuse to pay tax.

All of the water companies should be brought back into public ownership. They should be run under democratic workers' control and management so that we have an efficient, affordable service.

The Socialist Party's programme includes:

If you agree - join the Socialist Party. Call 020 8988 8777

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


In The Socialist 14 November 2012:


 

Facebook   Twitter



Home   |   The Socialist 14 November 2012   |   Join the Socialist Party

Subscribe   |   Donate   |   Bookshop






Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter



Related links:

Gas:

triangleSystem change to save the environment

triangleUnplug the 'Big Six' profiteers

triangleAnti-fracking camp: court backs off from eviction

triangleAnti-fracking campaign steps up in Lancashire

trianglePresident ousted: what next for Ukraine?

Tax:

triangleThem & Us

triangleBedroom tax eviction respite in Salford

triangleOECD report: A system in crisis

triangleAnti-bedroom tax demo in Leeds

Pay:

triangleWorkers' Memorial Day: strike for safety

triangleChina: labour disputes soar

triangleNew figures reveal capitalism in crisis - not recovery

Water:

triangleThem & Us

triangleFloods show planning and investment needed

Nationalise:

triangleCorporate Killers! End fuel poverty

News and socialist analysis

News and socialist analysis

23/4/14

Austerity

New figures reveal capitalism in crisis - not recovery

23/4/14

Jobs

Hungry Britain: Fight for jobs and a living wage for all

23/4/14

Housing

Why is there a housing crisis?

23/4/14

Scotland

Scotland: Capitalist 'Project Fear' backfiring?

23/4/14

Zero-hour contracts

Zero-hour contracts damage your health

23/4/14

Tax

Them & Us

16/4/14

MPs

Ending MPs' expenses scandal requires socialist change

16/4/14

US

Them & Us

16/4/14

Pharmaceutical

Tamiflu scandal exposes bloodsucking big pharma

9/4/14

Benefits

Housing emergency

9/4/14

Capitalism

OECD report: A system in crisis

9/4/14

Labour

Break with pro-cuts Labour now

9/4/14

Environment

System change to save the environment

9/4/14

Socialist

House of Thieves

9/4/14

MPs

House of Thieves

triangleMore News and socialist analysis articles...

triangle23 Apr New figures reveal capitalism in crisis - not recovery

triangle23 Apr Don't let Gove wreck education!

triangle23 Apr Every job matters: Support the Tube workers' strike

triangle23 Apr Over 550 TUSC no-cuts candidates in place

Housing emergency!

triangle23 Apr Why is there a housing crisis?

Rallying for a yes vote in Edinburgh, photo Matt Dobson

triangle23 Apr Scotland: Capitalist 'Project Fear' backfiring?

Mitie cleaners on London Underground demanding decent pay, photo Neil Cafferky

triangle23 Apr Hungry Britain: Fight for jobs and a living wage for all

More ...

Trade Unionist and Socialist Coalition (TUSC)

Trade Unionist and Socialist Coalition (TUSC)

triangle28 Apr Derby Socialist Party: Liverpool 1983-87 - a council that fought the cuts

triangle30 Apr RCT/Caerphilly Socialist Party: Do you have to be Red to be Green?

triangle30 Apr Llanelli & West Wales Socialist Party: What caused the horror that was World War One?

More ...

Share on Facebook
Share on Twitter
Visit us on Youtube

Find us on Facebook

Archive

Categories

1-9 

1-9 


Archives:

April 2014

March 2014

February 2014

January 2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2001

2000

1999

Legal

SP RSS feed RSS

Platform setting: = No platform choice