In our Chancellor’s defence, he only owns 15% of his family firm. And the company is certainly not breaking any laws. But Osborne & Little paid zero Corporation Tax this year. The company hasn’t paid Corporation Tax for the past seven years, for various, perfectly legal reasons, even though £200 million sales were generated from 2008 to 2015.George Osborne is known to have engaged in the now forbidden practice of “flipping” that created such fury when it was revealed to the public. George flipped his second home, thereby saving £55,000 in capital gains tax.
It would set a brilliant example if George paid corporation tax (even if it was only his 15% share) and repaid the £55,000 from the flipped properties. This would prove he has a moral compass.
Boris Johnson has never ever fiddled his expenses, flipped two properties or ever practiced tax avoidance. And he never will.
George has just said on SKY he expects other companies besides Google to pay tax on profits made. Maybe you could lead the way George?
Source for Papering Cracks. Private Eye, Issue 1260 Private Eye | Official Site – the UK’s number one best …
… the Chancellor’s family firm pays no corporation tax … Tax credits: Papering Cracks: GEORGE OSBORNE insists it is right to cut tax credits for millions of..
Tweeter’s comment fiscally inaccurate. Private Eye comments all correct.