Theresa May’s husband’s investment bank employer has paid no UK corporation tax in the past eight years, it was revealed today.
Philip May, 60, works as a relationship manager for Capital Group, an American financial services company with assets of £1.1 trillion with offices in Belgravia.
Since 2009 the company has turned over £467million but made losses of £125million meaning they don’t have to pay corporation tax – a levy on profits.
Despite the huge losses it directors were paid £43million in salaries, pensions and other benefits – but it is not know what Mr May earns.
Company making losses doesn’t pay a tax upon profits. And the workers keep being paid all the same!
British Leyland wasn’t paying profit taxes – and the workers still got paid too.
And what the fuck is this idiot saying?
While tax expert Prem Sikka added: ‘It’s very odd a business can pay substantial amounts to directors while not turning a profit.’
No it’s fucking not.
We’ve an 8 year period here. How many directors? 10 say? No, dunno either.
£500 k each? For directors of a wealth management company in the City? That’s not actually large by the standards of the place an time you know.
Then there’s this idiocy:
Labour MP John Mann told the Mirror: ‘It is fundamentally un-British to avoid tax. The Prime Minister should raise this at the breakfast table immediately.’
Paying people a salary or a bonus gains twice (actually, more than that) the tax of making a profit an paying corporation tax instead.