Jesus Christ, get it right will you, Telegraph?

This is just such total bollocks:

The report is the latest stage of an attempt by Vodafone to get on the front foot against criticism of its tax affairs by campaign groups such as UK Uncut. It paid £1.25bn to settle a high-profile dispute with HMRC in 2010 over interpretation of the Controlled Foreign Companies legislation in relation to the company’s Luxembourg subsidiary, which acts as financier to its international operations, thus avoiding UK tax. The taxman alleged Vodafone owed up to £7bn.

It wasn’t £7 billion it was £6 billion. And the taxman never alleged that it was that sum at all. That was an invention by Richard Brooks at Private Eye. And Vodafone did not pay £1.25 billion to settle the dispute at all. What it did do was bring foreign earned profits into the UK in order to pay a dividend, something which all agree is subject to UK corporation tax.

 

And the Mail:

 The group has also been allowed to reduce its bill further because it shelled out for airwaves on which to broadcast its mobile signal.

It paid £802million earlier this year to gain the rights to use a superfast 4G mobile broadband.

Even though this money went straight into government coffers, the company is allowed to write off interest payments from loans it took out to make the purchase against its tax bill.

What? “Even though”?

7 comments on “Jesus Christ, get it right will you, Telegraph?

  1. The meme has made it all the way through its (short) journey from the left to the right of the British professional media. Oh well.

    And that rancid hypocrite Dodge was getting more airtime on the BBC this morning :(

  2. I’ve said it before (probably, somewhere, maybe just to the dog) and I’ll say it again:

    The only area of expertise journalists have is … journalism.

    It certainly ain’t tax or business. Or science. Or … [insert own area of knowledge/interest here].

  3. Vodafone negotiated a settlement in which it agreed to be taxed on a “deemed dividend”. Vodafone itself described it as “a full and final settlement with HMRC of £1.25bn”. The Telegraph’s report is accurate in that respect.

  4. Private Eye and that fool Hislop have been suckered into believing the earth is heating up and we all are going to be toast. Nothing PE publishes, after having fallen for the biggest con trick in history, can be taken seriously. I let my subscription lapse. Tossers, the whole blinking lot!

  5. ‘What? “Even though”?’

    Seconded, with a complimentary *headdesk*. Writing off interest payments? It’s the end of the world as we know it…

  6. “It paid £802million earlier this year to gain the rights to use a superfast 4G mobile broadband.”

    More ignorance. They paid for use of the spectrum. What they used it for was provision of (*not* ‘use of’) broadband services.

    What the hell does ‘use a broadband’ mean?

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