Wait for the complaints about this

The accounts show that the bank, which operates out of a townhouse on Grosvenor Square in Mayfair, turned over £255m in the six years to March 2020, but has not paid any tax.

Robey Warshaw said it was not liable for tax because of its structure as a limited liability partnership, and that it is “the responsibility of the individual members to settle any liability arising from their share of partnership profits”.

A spokesperson for the bank declined to state how much tax the partners had paid on their share of the profits, but said: “All Robey Warshaw partners are UK registered taxpayers and pay all taxes required under UK law.”

Wonder if the P³ will “have concerns”.

10 thoughts on “Wait for the complaints about this”

  1. Well… as an accountant P³ should be intimately familiar with the construction, so he really can’t say much.
    As a Political Economist, however… Let’s see if he shoots himself in the foot once again.

  2. The quote from Richard Burgon is even better, somehow making a link between what appears to be a merchant bank pure and simple and those lending institutions that failed in the banking crisis. These people should probably not be allowed to play with lego unsupervised. Haven’t we come across “Rupert Neate – wealth correspondent” before in the context of an horrendously under-researched would-be hatchet job?

  3. Hardly a bank, except in the Lazard’s sense. Do they accept deposits? Just a boutique for M&A deals, earning fees with little overheads, hence the high profits paid to partners. Not that Burgon or the Guardian would want to understand the distinction.

  4. Even the phraseology sounds sinister….

    “Robey Warshaw said it was not liable for tax because of its structure as a limited liability partnership”

    “because of its structure” makes it sound something devious.

    Why not “an LLP doesn’t pay the tax bill, the individual partners each personally pay their share of the tax bill”?

  5. @Andrew C

    More correctly, the LLP is not taxed on its profits. The profits are included in the taxable income of the partners and taxed at the appropriate rate.

  6. Similar doings in the US drive the left crazy as they surmise corporations are paying less in taxes. Well, they are but the taxes are being paid by the participants. (Probably at a higher rate).

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