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?