Unite’s accounts for the year ending December 2016 showed that despite having a share portfolio of more than £50million, which regularly reports a healthy profit, it paid no corporation tax.
For years, Unite has used a loophole that allows it to offset large sums against costs — such as sick pay, accident compensation and employment tribunal costs.
McDonnell told his embarrassingly small audience in Davos that major auditing companies should have the equivalent of a doctor’s Hippocratic oath so they don’t encourage firms to avoid tax.
A dose of such medicine might prove handy for Len McCluskey and his fellow brothers and sisters in Unite.
Offsetting costs against revenues is a loophole these days, is it?
Although I’ve little doubt that one or more among the Ritchie, Prem Sikka etc set have made exactly the same claim at some point.