No doubt UK Uncut will get this wrong too

His holding company also saw its tax bill fall sharply, accounts showed, after it posted a loss of £120m, in contrast to the previous year’s profit of £213m.
….
The company, as it had previously announced, swung from a profit to a loss. This meant its tax bill, in the year to August 27 2011, fell from £70.9m to £2.83m.

The accounts also show that Sir Philip’s wife, Lady Green, “and her immediate family” received an interest payment of £16m. This was because during 2009 Taveta bought Bhs, which was paid for via the issue of loan notes to companies controlled by Lady Green and her family.

The competition for today is to try and work out exactly how UK Uncut and the like will get this wrong.

What will the accusation be? That interest paid to foreigners should be taxable domestically? That companies which make a loss should pay profits tax on profits they don\’t make so there?

What?

2 thoughts on “No doubt UK Uncut will get this wrong too”

  1. One thing we can be sure of is that if a profit is made next year Uncut et al will ignore this year’s loss when looking at headline tax paid.

  2. Got to admire their consistent ignorance of reality and their inability to work out sums. Not to mention their ability to target the wrong company (F&M)……
    I know several Uncut ‘members’ if that is the right word, intelligent people until they see what their ideology says must be wrong.

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