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…..