" The Labour MP has been one of the fiercest critics of tax avoidance by companies such as Starbucks, Google and Amazon. However, she is likely to face questions over the limited tax paid by Stemcor, the steel trading company in which she owns shares and which was founded by her father and is run by her brother.
Analysis of Stemcor’s latest accounts show that the business paid tax of just £163,000 on revenues of more than £2.1bn in 2011. However. it is not known whether the company – which made profits of £65m – used similar controversial tax avoidance measures criticised in the past by Mrs Hodge.
Stemcor’s tax bill to the exchequer equates to just 0.01pc of the revenues it booked through its UK-based business. In accounts filed with Companies House, Stemcor revealed that despite generating about one third of its revenues in Britain, its UK tax contribution made up only 2.7pc of the tax the company paid globally.
Stemcor was founded by Mrs Hodge’s father Hans Oppenheimer more than 60 years ago.
Today, the business claims to be the sixth largest private UK company by turnover. Last year the company, which employs 2,000 people in 45 countries, generated sales of £6bn from trading about 20m tonnes of steel. "
Source: Margaret Hodge's family company pays just 0.01pc tax on £2.1bn of business generated in the UK - Telegraph
Oh FFS, you can't make this tulip up, if company does not make enough money to pay taxes (and presumably dividends to shareholders also?) then why won't she sell shares?
Analysis of Stemcor’s latest accounts show that the business paid tax of just £163,000 on revenues of more than £2.1bn in 2011. However. it is not known whether the company – which made profits of £65m – used similar controversial tax avoidance measures criticised in the past by Mrs Hodge.
Stemcor’s tax bill to the exchequer equates to just 0.01pc of the revenues it booked through its UK-based business. In accounts filed with Companies House, Stemcor revealed that despite generating about one third of its revenues in Britain, its UK tax contribution made up only 2.7pc of the tax the company paid globally.
Stemcor was founded by Mrs Hodge’s father Hans Oppenheimer more than 60 years ago.
Today, the business claims to be the sixth largest private UK company by turnover. Last year the company, which employs 2,000 people in 45 countries, generated sales of £6bn from trading about 20m tonnes of steel. "
Source: Margaret Hodge's family company pays just 0.01pc tax on £2.1bn of business generated in the UK - Telegraph
Oh FFS, you can't make this tulip up, if company does not make enough money to pay taxes (and presumably dividends to shareholders also?) then why won't she sell shares?
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