Every little helps

[stek]

Time Trumpet!

[shaunbhoy]

I'm a slow reader.

London got the Olympics


HTH

[TimberWolf]

Tesco - Wikipedia, the free encyclopedia

In May 2007, it was revealed that Tesco had moved the head office of its online operations to the tax haven of Switzerland. This allows it to sell CDs, DVDs and electronic games through its web site without charging VAT. The operation had previously been run from the tax haven of Jersey, but had been closed by authorities who feared damage to the Island's reputation. In June 2008, the government announced that it was closing a tax loophole being used by Tesco. The scheme, identified by British magazine Private Eye, utilises offshore holding companies in Luxembourg and partnership agreements to avoid a corporation tax liability of up to £50 million a year.Another scheme previously identified by Private Eye involved depositing £1 billion in a Swiss partnership, and then loaning out that money to overseas Tesco stores, so that profit can be transferred indirectly through interest payments. This scheme is still in operation and is estimated to be costing the UK exchequer up to £20 million a year in corporation tax. Tax expert Richard Murphy has provided an analysis of this avoidance structure.



No wonder they can afford to give double clubcard points on pork sausages this week.

They were one of the first to outsource to Bob too IIRC. Well done to Private Eye.

[AtW]

I'm a slow reader.

Pretty stupid too. Not gambler type either

[Spacecadet]

I'm a slow reader.

I won't spoil the election results for you then

[DimPrawn]

I'm a slow reader.

[Spacecadet]

That news is from 2008!!!

Government outlaws tax avoidance schemes | Business | The Guardian

[DimPrawn]

Tesco - Wikipedia, the free encyclopedia

In May 2007, it was revealed that Tesco had moved the head office of its online operations to the tax haven of Switzerland. This allows it to sell CDs, DVDs and electronic games through its web site without charging VAT. The operation had previously been run from the tax haven of Jersey, but had been closed by authorities who feared damage to the Island's reputation. In June 2008, the government announced that it was closing a tax loophole being used by Tesco. The scheme, identified by British magazine Private Eye, utilises offshore holding companies in Luxembourg and partnership agreements to avoid a corporation tax liability of up to £50 million a year.Another scheme previously identified by Private Eye involved depositing £1 billion in a Swiss partnership, and then loaning out that money to overseas Tesco stores, so that profit can be transferred indirectly through interest payments. This scheme is still in operation and is estimated to be costing the UK exchequer up to £20 million a year in corporation tax. Tax expert Richard Murphy has provided an analysis of this avoidance structure.



No wonder they can afford to give double clubcard points on pork sausages this week.