Chuka Ummuna:damn stupid

There\’s a question that really should be asked here:

Barclays paid out just £113m in corporation tax in 2009, despite making a pre-tax profit of £11.6bn, according to chief executive Bob Diamond.

The revelation came in a letter to Chuka Umunna MP, a member of the Treasury Select Committee (TSC), who put Mr Diamond under pressure to declare how much of the £2bn in tax paid by Barclays to HMRC was in the form of corporation tax.

The vast majority of the tax paid by Barclays was pay-as-you-earn and national insurance contributions, while corporation tax accounted for 5.7pc of the total bill.

Mr Umunna said it was \”shocking\” that Barclays had paid so little in corporation tax in 2009.

\”This revelation underlines the government\’s failure to take the robust action needed to make sure that the banks which caused the crash pay their fair share, and will stick in the stomachs of small businesses struggling to borrow and ordinary people feeling the pinch of the government\’s austerity measures,\” said Mr Umunna.

If Chuka is so damn stupid that he doesn\’t realise that losses can be carried forward for tax purposes then what in buggery is he doing in Parliament let alone on the Treasury Committee?

6 comments on “Chuka Ummuna:damn stupid

  1. The whole article is a mish-mash of populist ignorance, wilfully misleading statements and a platform for all the ‘political’ (a term I hesitate to use here) groupings that are unable to understand simple financial, fiscal, legal and political matters.

  2. Sorry. I was commenting on the Grauniad report no the DT one. Sloppy of me. Can happen when my morning drug of choice (coffee eh?) still has to work its way through my system.

  3. Chuckie claims to have worked in the City and knows about losses carried forward, but that he’s calling for “fairness” on tax.

    I think in the name of fairness I should get to beat him severely with a wooden bat for playing to the crowd in the most breathtakingly cynical way (which answers your question about why he’s in Parliament, by the way).

  4. Reading the comments that follow, one gets the impression that the average Telegraph reader has an equally limited grasp of tax law.

  5. Of course he has no idea how businesses work, for anybody aspiring to become a high ranking Labour politician any experience outside the westminster bubble must be avoided at all costs.

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