Conservative research found that Unite paid no tax in the last two years by being able to exploit an obscure accounting loophole.
This loophole meant that the union was able to offset millions of pounds in profits from a £51.6 million portfolio of stocks and shares against ‘provident benefits’ for members.
Unite generated an investment income of £5,787,000 in the past two years from their portfolio, but paid £0 Corporation Tax.
It’s hardly an obscure accounting loophole. Unions do provide provident benefits and the income they make to do so isn’t taxable. But the real reason no tax was paid is because the law says none is due. As with Vodafone and Luxembourg, Barclay’s and SSE, Amazon and the warehouses, Vodafone and Verizon and so on down the list that people complain about.
If tax ain’t due then tax ain’t paid.