Omah
17-12-2012, 10:09 AM
http://www.bbc.co.uk/news/uk-20729430
London's high-end Ritz hotel has not paid any corporation tax in the 17 years since it was taken over by the reclusive Barclay twins.
The BBC's Panorama programme analysed the accounts of the hotel bought by the brothers in 1995.
The accounts show that the profitable hotel has used a series of tax reliefs to reduce its corporation tax to zero.
The brothers said they have not run their UK companies since they retired to Monaco more than 20 years ago.
The Ritz's efforts to reduce its tax bill are legal but have raised questions at a time when another firm bought by Sir David Barclay and Sir Frederick Barclay, Littlewoods, is embroiled in a legal battle with HMRC.
The brothers also own the Daily and Sunday Telegraph newspaper titles.
No wonder the rich are getting richer while the poor are getting poorer ..... :mad:
London's high-end Ritz hotel has not paid any corporation tax in the 17 years since it was taken over by the reclusive Barclay twins.
The BBC's Panorama programme analysed the accounts of the hotel bought by the brothers in 1995.
The accounts show that the profitable hotel has used a series of tax reliefs to reduce its corporation tax to zero.
The brothers said they have not run their UK companies since they retired to Monaco more than 20 years ago.
The Ritz's efforts to reduce its tax bill are legal but have raised questions at a time when another firm bought by Sir David Barclay and Sir Frederick Barclay, Littlewoods, is embroiled in a legal battle with HMRC.
The brothers also own the Daily and Sunday Telegraph newspaper titles.
No wonder the rich are getting richer while the poor are getting poorer ..... :mad: