Link to this page: https://www.socialistparty.org.uk/issue/753/16196
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.
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In The Socialist 20 February 2013:
Socialist Party news and analysis
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
Them & Us
Fighting for a real alternative to cuts
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
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"
The Socialist 20 February 2013 |
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