The London arm of the great vampire squid paid only £4.1m in corporation tax to the Treasury last year. Despite pocketing £1.9bn in pre-tax profits.
Lord Blankfein’s investment bank received a tax bill of £422.3m for 2011 but has put off paying 99pc of it until next year.
Umm, isn\’t corporation tax always paid in arrears?
You know, you\’ve got to get to the end of the tax year before you can calculate what the bill is?
I can imagine that there\’s some form of pre-payment scheme, HMRC insisting that they get a chunk earlier, based upon perhaps an assumption that this year\’s profits will be similar to last year\’s. You know, like with self-assessment.
But you might think that a bank could have losses to carry forward after the worst financial crisis for nigh on a century?
So, help me out here. Is this just some journo not understanding the basics of the tax system or is the Vampire Squid actually doing something nefarious?