Jeremy Corbyn was accused of hypocrisy yesterday after an investigation found that two authorities controlled by his party avoided paying more than £12 million in stamp duty on the purchase of commercial properties.
On Monday Mr Corbyn hinted that the Queen should apologise if the offshore investment of £10 million of her personal wealth — as revealed in the leaked Paradise Papers — was designed to avoid tax. Yet in May Sefton council in Merseyside bought the New Strand shopping centre in Bootle via a Luxembourg-registered company for £32.5 million, saving £1.6 million in stamp duty. The council also bought insurance against the possibility that the taxman might chase it for payment.
In July Warrington council agreed to pay more than £200 million for Birchwood Park, a business centre in Cheshire, via an offshore company, saving almost £10.5 million in stamp duty. By agreeing to the purchases, the councils may also have helped the sellers to avoid capital gains tax.
I look forward to Snippa telling us that the State not paying taxes biases markets, makes them unfree.