Oh isn’t this fun?

The Labour MP has been one of the fiercest critics of tax avoidance by companies such as Starbucks, Google and Amazon. However, she is likely to face questions over the limited tax paid by Stemcor, the steel trading company in which she owns shares and which was founded by her father and is run by her brother.

Analysis of Stemcor’s latest accounts show that the business paid tax of just £163,000 on revenues of more than £2.1bn in 2011. However. it is not known whether the company – which made profits of £65m – used similar controversial tax avoidance measures criticised in the past by Mrs Hodge.

Stemcor’s tax bill to the exchequer equates to just 0.01pc of the revenues it booked through its UK-based business. In accounts filed with Companies House, Stemcor revealed that despite generating about one third of its revenues in Britain, its UK tax contribution made up only 2.7pc of the tax the company paid globally.
Stemcor was founded by Mrs Hodge’s father Hans Oppenheimer more than 60 years ago.

I think I know why, seem to recall that it had bad losses last year or the year before.

But it is still fun, isn’t it?

That plus the fact that the only named individual we have who used the Luxembourg Disclosure Facility was one Margaret, Lady Hodge…..

11 thoughts on “Oh isn’t this fun?”

  1. Richard Murphy has devoted the last three days of his blog to a ‘sins of his father’ attack on Cameron. Funny then that he exonerated Margaret Hodge expressly because Stemcor was set up by “a distant relative”.

  2. I never understood why these facts had hardly any effect on Hodges’ tenure. The meedja just weren’t interested.

  3. murphy’s smearing of Cameron’s father has been utterly disgraceful. but par for the course and wholly expected. of a quaker…

  4. Murphy really is the most odious santimonious fat cvnt, with an unpleasant looking skin complaint. If you shook his hand (I can’t imagine why I would, although no doubt some of his acolytes do) you’d probably want to scrub yourself immediately with a nail brush and some Dettol.

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