HuffPo’s Luxembourg Tax Dodge Bonanza Part II Pays Lower Tax Rate Than Starbucks

The Huffington Post is attacking Starbucks’ tax dodging this morning with the claim that despite earning millions in the UK it pays only 1% in corporation tax. Another headline clearly demonstrating how Mehdi Hasan’s appointment has shifted Arianna Huffington’s website markedly to the left. That left-wing politics are subordinate to corporate profiteering is graphically illustrated by the fact that AOL pays even less UK corporation tax than Starbucks, less than 1%, a miniscule 0.15%:

The latest company accounts available show that in 2010 AOL UK Limited, HuffPo‘s owners, had a revenue of some £78 million. Their accountants certainly earned their fees ensuring that AOL paid just £122,000 in corporation tax. They cleverly and arguably somewhat aggressively pulled £30 million out of the reach of the UK tax authorities by “repatriating” a dividend payment to AOL UK’s sole shareholder – a tax avoidance special purpose vehicle (SPV) AOL Europe Sarl, registered in the tax haven of Luxembourg. Giving AOL/HuffPo an effective tax rate of less than 1% despite returning a massive 38% of revenue to shareholders.

Not only does Arianna not pay her UK bloggers, her company doesn’t pay UK taxes either. Guido applauds their ingenuity in legally avoiding taxes, however the hypocrisy reeks. Left leaning HuffPo campaigns against tax avoidance yet shelters nearly half its annual earnings offshore in Luxembourg. People in offshore glass houses shouldn’t throw large, tax-shaped stones…

See also: Introducing Tax Avoiding HuffPo Luxembourg




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

George Osborne paraphrases Boris, telling the FT:

“If the ball came loose at the back of the scrum, I wouldn’t fumble it”

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.

Facebook

Jackie Walkercaust Jackie Walkercaust
Jim The Salesman Spotted With Corbyn Jim The Salesman Spotted With Corbyn
Labour Illiterate On Illiteracy Labour Illiterate On Illiteracy
Momentum Mock Injured Soldiers Momentum Mock Injured Soldiers
I SCHEMED A SCHEME I SCHEMED A SCHEME
Watch Glitter Balls Watch Glitter Balls
Did Boris Really Want Brexit? Did Boris Really Want Brexit?
Ken Interviewed, Doesn’t Mention Hitler Ken Interviewed, Doesn’t Mention Hitler
Chuka’s Single Market flip-flop Chuka’s Single Market flip-flop
LABOUR HQ PURGE FEARS LABOUR HQ PURGE FEARS
Carter Ruck Deleting Brooks Newmark Sext Pics Carter Ruck Deleting Brooks Newmark Sext Pics
Mandelson Aide Funding Owen Smith Mandelson Aide Funding Owen Smith
OILY WANTED CORBYN TO GO ON OILY WANTED CORBYN TO GO ON
Hinkley: Forseeable Financial Fiasco Hinkley: Forseeable Financial Fiasco
Baroness Shami(less) Baroness Shami(less)
Just How Totes Posh Is Stella Creasy? Just How Totes Posh Is Stella Creasy?
Thornberry “Sky Sexism” Meltdown Thornberry “Sky Sexism” Meltdown
WATCH HILLARY DROP WATCH HILLARY DROP
PMQs Sketch PMQs Sketch
Vaz Broke Law Vaz Broke Law