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From The Socialist newspaper, 20 February 2013

Bosses take tax liberties

This month US company Liberty Global took over Virgin Media. Having taken over 'losses' racked up by Virgin while constructing their cable network, Liberty will pay no corporation tax for the foreseeable future.

Although Virgin recorded three successive years of profit, they aimed to still offset these historic losses against tax.

Apparently they have a lot of latitude in deciding this amount and chose a sum meaning they won't make profit quickly enough to be eligible for corporation tax, probably for 15 years.

Outgoing chief executive Neil Berkett is compensated for being relieved of his duties by a $78 million share allocation.

Had Virgin been paying corporation tax 'regularly' they would be paying about 100 million a year.

Imagine the Con-Dems' outrage if ordinary workers asked to deduct travel expenses to and from work or interest on overdrafts and credit card debts against tax.

Those caught out over tax dodging constantly say they complied with all relevant local tax laws. But the tax regime is so 'business friendly' that there are hundreds of scams that businesses use that aren't open to normal working folk.

The main capitalist parties won't do anything about this. A workers' government must close these loopholes and take these companies into democratic public ownership.

Clive Walder

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In The Socialist 20 February 2013:


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Toxic Tories - Time to fight their cuts and lies

Government on the back foot after workfare ruling

Stop social cleansing: Cap rents, not benefits

Food adulteration - government cutbacks and capitalist profits

Self-regulation: 'Like having the burglars install your locks'

Bosses take tax liberties

Action needed to end caste discrimination

Free trade agreement means NHS privatisation

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Councillors' contempt exposed


International socialist news and analysis

South Africa: Democratic Socialist Movement conference

Kazakhstan: Vadim Kuramshin faces 12-year jail sentence after appeal denied


Socialist Party workplace news

PCS branch supports 24-hour general strike call

Prison officers protest outside parliament

No pay cuts at Thera!

Tyne & Wear metro cleaners up the ante

Workplace news in brief


Socialist Party reports and campaigns

Mid Staffs hospital scandal: Cuts, PFI and big business to blame

Coventry: 'We need to fight now to save our services'

Getting organised can change things for low-paid workers

Caerphilly says 'bring back our A&E!'

Save our Services demo in Newcastle attracts 3,000

Carlisle: Demands to 'tax the rich' hit a nerve

London NHS

Socialist Students holds first North West conference

Nepal: The forgotten revolution

Socialist Party campaigning news


Socialist Party review

Review: "It's time to take over the banks"


 

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