November 21st, 2012

Margaret Hodge’s Multi-Million Pound Stemcor Trusts
Says £1.8 Million Shareholding is “Tiny, Tiny, Tiny”

Margaret Hodge didn’t take too kindly to being accused of tax hypocrisy by Priti Patel yesterday. The litigious Labour MP and ardent anti-tax avoidance campaigner insists she has done nothing wrong with her shareholding arrangements at 0.01% tax rate paying Stemcor. She has succeeded in scaring off the dead tree press from reporting her arrangements. Guido has been crunching the numbers and it seems Priti is on to something…

Hodge claimed in a grilling by Michael Crick earlier this month that “I am a tiny, tiny, tiny shareholder”. Her direct shareholding is 1.26% which, given that Stemcor paid out £4,519,000 in dividends last year, means she received some £56,939. That shareholding alone is worth £1.8 million. Hardly a tiny amount.

What’s more Stemcor confirmed yesterday that this figure “excludes shares held in trust or in her children’s names”. The company share register shows that Hodge holds several million pounds worth of shareholdings in trusts, including for members of her family. As Polly Toynbee helpfully explains, this is a clever way of minimising future inheritance tax liability:

“The big sell is trusts, special ones devised for this company’s clients, guaranteed to protect almost all your wealth from inheritance tax. They are right, it can be done easily. Put all moveables and all cash and investments into a discretionary trust, and it passes to your heirs without tax as soon as you die, not even waiting for probate. It counts as a gift so the beneficiaries need pay no tax either.”

Yesterday Guido challenged Hodge to explain the purpose of placing her Stemcor shareholdings in a trust other than to reduce the future inheritance tax liability of her relatives. She has yet to reply…


126 Comments

  1. 1
    Kebab Time says:

    Have UKUncut set up outside her office?

    Like

    • 8
      UKUncut says:

      Erm…yeah, well…it’s not that straightforward, is it?

      Like

      • 12
        V1le Labour ruined my Country says:

        Don’t do as I do, do as I say.

        Like

        • 46
          Peter Grimes says:

          Says the disgraced leftist Margaret ‘Leona Helmsley’ Hodge.

          Taxes are for the little people.

          Like

          • Up in arms says:

            Why only tax dwarfs? Outrageous.

            Like

          • hypo-fucking-crite says:

            Why does her headed note paper say she is the “Labour Member of Parliament for Barking” – is there another Member of Parliament for Barking?

            Whilst legitimate tax avoidance is the primary purpose of trusts, it is also used by very very wealthy individuals to keep their assets out of the hands of their offspring/lovers etc until those individuals reach an age older than 18 – upon the basis that it is not considered appropriate to allow young adults to have access to enormous wealth. Maybe Margaret is worried that her tiny tiny wealth, protected and preserved as it might from tax by virtue of the trust arrangement, might ruin her offspring if they got their hands on it too soon after her death.

            Like

          • Leona Helmsley says:

            The tiny, tiny, tiny people

            Like

        • 105
          Anonymous says:

          Dirty cow, picking her nose in public. Hope she didn’t eat it.

          Like

      • 48
        Anonymous says:

        For most of us £1.8m is a huge sum but its peanuts when you compare it to Cameron (£30m) or Osborne (£4m to £6m). Cameron and Osborne are upset about the same issue as well.

        Like

        • 56
          Grumpy Old Man says:

          Read the post. Several millions held in trust. Could be as much as Georgie? Your feeble apology doesn’t disguise the blatant hypocrisy of La Hodges position – or Bella Polly’s come to that.

          Like

          • Anonymous says:

            The Hippocratic Oath is an oath historically taken by physicians and other healthcare professionals swearing to practice medicine ethically and honestly.

            no politicians have taken such an oath. why go on about hippo.cracy then.
            also integrity require psychological, spiritual and emotional courage. can’t expect that from those who don’t have it, good to encourage and support but i am afraid the political support system is fiercely against it. courage i mean. cowards the lot of ‘em.

            Like

        • 117
          David B says:

          But they don’t demand other people should do something different to what they do

          Like

      • 51
        Anonymous says:

        David Cameron’s family could have money tied up in offshore tax havens after it was revealed his father made a fortune through a network of offshore investment funds.

        Ian Cameron, whose wealth was once estimated at £10m, ran several, perfectly legal, offshore accounts in tax havens such as Panama City and Geneva.

        Read more: http://www.dailymail.co.uk/news/article-2133064/David-Camerons-family-fortune-tax-dodging-offshore-investment-funds.html#ixzz2CrDN8cMc
        Follow us: @MailOnline on Twitter | DailyMail on Facebook

        Like

        • 54
          Anonymous says:

          The Prime Minister has been a harsh critic of companies that avoid paying their ‘fair share’ of tax and recently announced plans to introduce laws to clamp down on the practice.

          Earlier this year he suggested he would be willing to disclose information about his own financial affairs.

          In his budget speech last month Chancellor George Osborne described ‘tax evasion and, indeed, aggressive tax avoidance as morally repugnant’.

          Read more: http://www.dailymail.co.uk/news/article-2133064/David-Camerons-family-fortune-tax-dodging-offshore-investment-funds.html#ixzz2CrDl5Gb5
          Follow us: @MailOnline on Twitter | DailyMail on Facebook

          Like

          • Grumpy Old Man says:

            Now differentiate aggressive tax avoidance from passive tax avoidance.

            Like

          • Norman Stanley Fletcher says:

            I assume Osborne defines other people’s tax avoidance as “aggressive”, while his own (or at least the political/media class’s) tax avoidance is “passive”. Hypocrisy from the ruling classes. Who’da thunk it?

            Like

          • Uncle Joe says:

            Just put a gun to their head and ask the question. If you don’t like the answer shoot them

            Like

          • Quiet Bat Person says:

            Theres a scale:

            1 ) Absoloutely anything an MP does – ALWAYS OK
            2 ) Paying tax – OK
            3 ) Passive tax avoidance – anything an MPs family does – OK
            4 ) Aggressive tax Avoidance – BAD if someone you don’t like is doing it
            5 ) Tax evoision – Legitimate criminal tax mitigation by MP’s families – OK if you are an MP
            6 ) Tax evasion – BAD if you are not an MP
            7 ) Tax? What tax? I’m a fucking Russian Oligarch and I know people who matter.

            Like

          • Anonymous says:

            quiet blood pressure.

            what is the answer?

            Like

          • Ms Hodge says:

            There is no “fair share” of tax.
            The earnings are those of the individual or company.
            What gives the right of anyone/any organisation to demand the fruits of another’s labour without question.

            Like

    • 9
      English Heretic says:

      No, and they ignore questions about Stemcor – try them yourself.

      Like

    • 68
      i don't like you either says:

      only one thing more nauseating than a champagne socialist, and that’s a poor socialist but there’s not many of them these days, they are probably all buried under some ginger hag’s floorboards

      Like

    • 99
      Wart says:

      I wish now that Griffin had won Barking and Dagenham .

      Like

    • 109
      Popeye says:

      A true Socialist?

      Like

    • 126
      Anonymous says:

      Why should they set up outside her office, this story has been shown to be rubbish. Why do you think Guido supplies no link to his ‘number crunching’?

      Maybe it is because the Telegraph’s story that Stemcor paid 0.01 percent tax on £2.1 billion of business and the subsequent Mail story that the business paid 0.25 percent tax on its profits were as Private Eye puts it: “Complete Bollocks.”

      Private Eye added: “Stemcor later confirmed it had paid £27m corporation tax in five years – around 32 percent of its UK profits. And there is no evidence – for which the Eye looked hard – of any Starbucks or Amazon-style arrangements to get the taxable profits down.”

      The £27million/32 percent of turnover figures are also mentioned in the Telegraph: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9694452/Stemcor-denies-abusing-corporation-tax-system.html

      When it comes to accurate unbiased investigative journalism I will take Hislop over Guido any day.

      Alternatively Guido could show us the numbers he has crunched or just admit he is recycling bigoted un-researched Daily Mail stories.

      Like

  2. 2
    Illiterate Prat says:

    “No man in the country is under the smallest obligation, moral or other, so to arrange his legal relations to his business or property as to enable the Inland Revenue to put the largest possible shovel in his stores. The Inland Revenue is not slow, and quite rightly, to take every advantage which is open to it under the Taxing Statutes for the purposes of depleting the taxpayer’s pocket. And the taxpayer is in like manner entitled to be astute to prevent, so far as he honestly can, the depletion of his means by the Inland Revenue”

    James Avon Clyde, Lord Clyde KC DL (1863 – 1944)
    Lord Justice General and Lord President of the Court of Session from 1920 to 1935

    Like

    • 27
      Lord Stansted says:

      So what – it’s about hypocrisy, idiot.

      Like

      • 93
        golli says:

        Ah well ask her about her role in the Islington care homes abuse scandal a few years back. More Hypocrisy there.

        Like

      • 95
        Quiet Bat Person says:

        In a similar vein:

        “Every person has the obligation to arrange their affairs to minimize their taxes.”
        — U.S. Supreme Court

        There is a lot of hypocrisy about.

        The Beeb is reporting the National Audit Office is saying “The inability of HM Revenue and Customs (HMRC) to properly curb aggressive tax avoidance schemes is costing the UK billions of pounds”

        NO. It is not the UK’s money, it is the money of the people who earned it, unless there is a lawful reason why they must pay tax. Tax avoidance, aggressive or not, is, by definition, lawful.

        Like

    • 57
      Anonymous says:

      “People who pay their taxes promptly and in full will be dismayed to discover that the enormous level of tax avoidance taking place is overwhelming HMRC’s efforts to combat it. The scale of the problem is staggering. There are tens of thousands of users of mass-marketed avoidance schemes in the UK. HMRC estimates that over £10 billion of tax is at risk owing to individuals and small businesses avoiding paying money that is due. ”

      “We’re not saying it’s illegal, we’re saying it’s immoral”

      or has someone said this already?

      Like

      • 98
        Keith AB says:

        In what way is it “immoral” ?

        The tax payer didn’t make the rules and now you claim it is immoral for him to comply with the rules.

        That’s just a bit arseholic wouldn’t you say?

        Like

    • 66
      Learned Hand, J., US Court of App*eals for the Second Circuit says:

      Yeah– what he said!
      I just wish the Hodges and Livingstones of the world wouldn’t be such preachy hypocrites, but then they wouldn’t be the Hodges and Livingstones we’ve all come to know and love, would they?

      Like

  3. 3
    Vote UKIP says:

    Margaret Hodge – remember her circa 1985 /6 running Islington . Dreadful awful hypocrite and champagne socialist. One of the Openheim lot.

    Like

  4. 4
    She's a truly nasty piece of work says:

    In 1985, Demetrious Panton complained about abuse that he had suffered while in Islington council’s care in the 1970s and 1980s. He did not receive an official reply until 1989, in which the council denied responsibility.

    In 1990, Liz Davies, a senior social worker employed by the borough and her manager, David Cofie, raised concerns about sexual abuse of children in Islington Council care. Correspondence between Hodge and the director of social work indicates that she declined a request for extra resources to investigate. In early 1992, Davies (not to be confused with the barrister and former Islington councillor) resigned from her post and requested that Scotland Yard investigate the allegations. The Evening Standard then began reporting on the allegations of abuse in Islington’s children’s homes, shortly after which Hodge resigned to pursue a career with PriceWaterhouse. In 1995, the “White Report” into sexual abuse in Islington Care Homes reported that the council had failed adequately to investigate the allegations.

    In 2003, following Hodge’s appointment as Minister for Children, Demetrious Panton went public with his allegation that he was abused in Islington Council care and had repeatedly raised this issue with no effect. He accused Hodge of being ultimately responsible for the abuse that he suffered. Davies also went public with the issues that she had raised concerns about while working for the council. Following a media campaign conducted by several national newspapers calling for her to resign from her new post, she responded to Panton by letter, in which she referred to him as ‘extremely disturbed’. Panton then passed the letter to the press which planned to publish it, only to be judicially restrained from doing so at the instruction of Hodge. The letter was eventually published, mainly on the grounds that the blocking of the letter was seen as disproportionate. Hodge was forced to publicly apologise and offered to contribute to a charity of Panton’s choosing as recompense.

    Like

    • 13
      Red Egg Millitit..... says:

      Surely some mistake…… Margaret is one of us, one of the political elite and we know best :)

      Like

      • 18
        Justine to a flustered Ed in optician's says:

        “They’re your fucking glasses!”

        Like

      • 122
        Grr! hate her says:

        The career with Price Waterhouse was basically something to do while waiting to be slotted in as an MP (where she has been ever since). On PW’s side, their public sector consultancy got someone with very good connections for getting them through the door for lots of lovely business. I don’t think she ever soiled her hands with actual work.

        I wish I’d given her a kicking while her office was just down the corridor from mine, but at the time I just thought she was a typical nasty hypocritical socialist. I didn’t realise she was as rich as Croesus as well. There was a lovely open bridge across the atrium of that building I could have shown her from the 5th floor all the way down to the ground…

        Like

    • 80
      The General Public says:

      The story of Islington children’s homes in that period is an absolute fucking disgrace. Hodge is a nauseating individual.

      Like

    • 85
      Anonymous says:

      so her line was – you are emotionally disturbed.
      do you even trust yourself.
      how will anyone trust you if you do not even trust yourself.

      a classic line. to separate the person from himself.
      lets not forget the reason for the militaristic IBM of days gone by.

      it’s success was based on the FUD principle.
      Fear Uncertainity Doubt.
      you create it and then become an even more powerful authority figure.
      psychological twits are us,

      Like

      • 87
        Anonymous says:

        the only solution is to get away from darkness,
        by bringing light.

        not by abdicating responsibility for one’s life and joining others in prison, monastries and mental health institutions.

        better still get away from institutions.
        they
        are
        trouble.

        Like

  5. 5
    'arry says:

    it was a gift yer honour

    Like

  6. 6
    Detest political muggers says:

    Another politician who has no f**king idea of how ordinary people have to live their lives.

    Like

  7. 10
    genghiz the kahn says:

    pwedetow or pwoduthew?

    Rhath rath she finking abouth rhen she cwithicitheth Google, Amazon and Stawbuckth about theiw tatheth?

    She was only copying them all the time.

    Like

  8. 11
    Mathers says:

    You don’t understand, she’s avoiding tax for the good of her family, everyone else does it for the detriment of society. Clearly you don’t see the difference.

    Like

  9. 15
    Ed Miliband the enquiry man says:

    Another enquiry please, another one nation failure, i shall expell from the Labour party…oh wait

    Like

  10. 16
    Hypocritical c-unt says:

    Look at the way she showboats to get attention.

    Like

    • 29
      Plato says:

      OK she’s pompous, but there were some fair questions there. Why can’t Amazon reveal income per country, and profit before tax?

      Like

    • 36
      smoggie says:

      Amazon’s response should be that “it’s within the rules.”

      Why on earth would a company try to maximise its tax liability?

      Like

      • 39
        Plato says:

        There was a letter in the Times yesterday saying Amazon are based in Luxembourg and pay tax at the normal international rates that apply. And that this has been common practice for hundreds of companys for generations.

        It is still a PR disaster, though.

        Like

        • 50
          smoggie says:

          Luxemburg’s corporation tax rates are higher. The internet has made such things possible and Douglas Carswell argues in his book The End of Politics that the only way round this is to tax the consumer not the producer. This effectively means a welcome return to a flat rate of tax and brings everyone back into the taxation system

          Like

    • 45
      Honest John says:

      Would you buy a second hand car offf this man?

      Like

      • 94
        Anonymous says:

        when builders taunt celebs for being tax shirkers.

        the celebs have a prob.
        human rights or human wrongs?

        Like

  11. 17
    Typewriter Mechanic says:

    If a £1.8 Million Shareholding is “Tiny, Tiny, Tiny” to Margaret Hodge then just how much money does this person have?

    Like

  12. 19
    Anonymous says:

    As ever from Labour “do what I say not as I do.” Labour shout the loudest about unfairness whilst sticking their heads in any passing trough! Blair, Fondlebum, Siliband D…need I go on!

    Like

    • 25
      Red Egg Millitit..... says:

      To be fair we shout down any dissenters, it is our ‘ooman right to rule you plebs :)

      Like

      • 49
        Peter Grimes says:

        And given the way demographics in this country are heading, ZaNuLieBor will be in power in perpetuity after 2015, as RumRomney found to his cost.

        Like

  13. 23
    genghiz the kahn says:

    When will Ed Milibland decide to tweet his thoughts on her tax arrangements.

    All above board, its all legal, but Labour devises a complex tax system to keep people in their place.

    She is a Janus faced harridan, another of the do as I say, not as I do socialists. Just like dear old Ed M.

    Like

  14. 26
    genghiz the kahn says:

    What has The BBC, Margaret Hodge got in common?

    http://www.bbc.co.uk/news/uk-politics-20417221

    Like

  15. 28
    ASC II Art says:

    _________
    | |
    | 0
    | /|\
    | / \
    |
    |

    Like

    • 34
      David Laws says:

      I preferred the c*ck.

      Like

    • 67
      Tachybaptus says:

      Draw ASCII art in a fixed width font such as Courier. Use non-breaking spaces instead of ordinary spaces. Enclose your drawing in HTML ‘pre’ tags, which produce a fixed width font in the published comment. If the comment is a new one rather than a reply, leave the first two lines blank to avoid the indent.

      ______
      |    |
      |    0
      |   /|\
      |   / \
      |
      |
      

      Like

  16. 32
    Margaret Hodge says:

    Listen Guido

    We rich limosine Labourites use all legal methods to avoid tax for ourselves and our children

    That is why we are all getting flithy rich

    Mandy told you years ago that this was what labour was all about

    Just look around Hampstead, Monte Carlo, Bermuda, the Caymans and elswhere and you will see that us Labourites have made billions over the years of our rule

    Tax breaks were granted by our HGordon brown and his mates so that private equity could asset strip the country

    Not to speak of the hedgies

    And do you know, our Lord Cashpoint Levy is even in partnership with your Tory Party Treasurer Lord Fink

    http://blogs.reuters.com/fundshub/tag/lord-cashpoint/

    So this is all part of a series of cross party arrangements

    Like

    • 79
      bergen says:

      It’s hard to see why the press were frightened off.

      The facts of her shareholding, her dividend income and the tax paid by the company are matters of record as is her grandstanding over tax avoidance.

      Reporting these facts is not libellous.

      Like

  17. 33
    Glyn H says:

    No problem with a sizeable family business and perfectly sensible and legal financial arrangements.

    But to adhere to the vile creed of Socialism, which seeks to strike at the heart of western legal and financial freedoms and to damage private sector employers and so on is utter hypocracy – but then she is a Labour MP!

    Like

    • 89
      Anonymous says:

      freedom to go bust. west is bust.

      our judiciary is sacrosant. all it’s ex officers of the court now in parliament,
      and then there are the court.iers.

      either get close to royal fawkes.
      or get on with your own lives. the two are mutually exclusive.

      Like

  18. 35
    Ed Miliband says:

    One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon! One nathon!

    Like

    • 72
      Lord Carrington's Binoculars says:

      Basic politics.

      Make as much noise as possible about the opposite of what you are about.

      1. Hodge campaigns on tax dodging, while tax dodging.

      2. Labour says ‘One Nation’ while dividing up the population against itself and dog whistling.

      Like

  19. 37
    Gordon Brown says:

    I used to advise her on tax. Pleased with the outcome.

    Like

  20. 38
    Legal Beagle says:

    So she is threatening again

    “She has succeeded in scaring off the dead tree press from reporting her arrangements”

    Who are the lawyers concerned?

    The usual suspects who failed to cover up for the crimes of Trafigura? or Murdock?

    This is a matter of public interest…She is Chairman of a Parliamentary Committee attacking tax dodging FFS

    Give us the names of these bottom feeding bent lawyers, please…

    Like

    • 41
      Lord Chief Justice says:

      Probably the same solicitors that the Russian oligarchs use to launder their reputations and threaten the UK press when the truith is told

      Like

      • 92
        Uncle Joe says:

        I think you’ll find a Russian Oligarch will do more than wave a loaded barrister at you. They have had a very good examples of what to do with annoying journos

        Like

    • 53
      Mark Oaten says:

      I’m a bottom-feeder but I’d sue if you called me a lawyer.

      Like

  21. 40
    New Town Toff says:

    And the voters of Basildon preferred HER to Nick Griffin?

    Like

    • 65
      albacore says:

      The problem with Nick is, he tells the truth
      To the LibLabCons, that’s just too uncouth
      And so they kangaroo-courted him twice
      An honest politician – that ain’t nice

      Like

  22. 42
    Sandra in Accounts says:

    Dead tree press are client media now.

    How could they be scared of running with this? It is open & shut – the women is a massive hypocrit.

    Like

  23. 43
    Geoffrey Robinson MP says:

    Paying tax is for losers. Orion Trust(Jersey) does nicely by me. In fact so nicely I was able to help my friends Gordon and Peter with their financial challenges long before they got hooked on $$$$$$ troughs. Orion Trust funded Gordon’s private office and got Mandleson on the property ladder.

    Like

    • 71
      What Happens In Jersey Stays In Jersey says:


      I’m Chuka Umunna’s mum, and I approve of this message.

      Like

      • 96
        Anonymous says:

        what happens in jersey today will come out,
        bbc kept secrets but just look at the secretion.
        awful.
        so.vile.

        secrets = hidden secretion.
        does it have to be dark?
        it is a source if discomfort,
        vile.

        Like

  24. 47
    Fog on the Tyne says:

    It’s official! Britain has now moved above Nigeria and Zimbabwe to the top of the world rankings for corrupt scumbag expense-fiddling MPs. Robert Mugabe said: “I’m gutted. For years we have led the world in corrupt practices. But British MPs have really raised their game. Who’d have thought you could sell your property and then rent one from another MP and charge it to the taxpayer. Absolutely brilliant!

    Like

  25. 52
    Oink oink! says:

    Emily Fatbelly on Brillo’s show.

    Like

  26. 58
    Shooty* says:

    How very DARE any of you plebs question what the fragrant Margaret does?

    Get back to your hovels, ungrateful scum.

    Like

  27. 59
    Chris Bryant MP says:

    Margaret is a lovely person

    Like

  28. 61
    DANGER says:

    Actually, you might want to check out that point about trusts. I was chatting to a couple of tax accountants at a dinner last week (such is my life) and they said that really there was no way to avoid inheritance tax these days using a trust per se. You can give things away and then live for seven years and there will be no inheritance tax to pay — but if that was not the case then the recipients of a lifetime of presents would all have to be billed when the gift-giver died. Whether you give the money to a trust or an individual is not a salient issue.

    There is an exemption from inheritance tax for family businesses but I think that the person concerned has to be involved in the running of the business — which presumably this MP is not…?

    Like

  29. 62
    Mr Ahmadinejad says:

    Foods high in citrus like oranges and pineapples are the BEST foods to make your cum taste sweeter, along with cutting back on salt!

    Like

  30. 70
    anon. says:

    Margaret Hodge :

    “All I can say to you is that I condemn tax avoidance of any kind by anyone. I have always believed that the rich, whether individuals or corporations, should pay their fair share of tax.

    http://www.bdpost.co.uk/news/barking_mp_defends_family_firm_s_tax_bill_on_day_she_grills_companies_1_1691530

    Like

  31. 73
    Darran says:

    Did I hear someone mention something about “paying their fair share”?
    Maybe not…

    Like

  32. 75
    genghiz the kahn says:

    A statement from The Rt Hon Margaret Hodge MP, Chair of the Committee of Public Accounts:

    People who pay their taxes promptly and in full will be dismayed to discover that the enormous level of tax avoidance taking place is overwhelming HMRC’s efforts to combat it. The scale of the problem is staggering. There are tens of thousands of users of mass-marketed avoidance schemes in the UK. HMRC estimates that over £10 billion of tax is at risk owing to individuals and small businesses avoiding paying money that is due.

    Between 2004 and 2011, around 2,300 avoidance schemes were disclosed to HMRC, with over 100 new schemes emerging in each of the past four years. Until tested in court, I am dismayed that these schemes will continue to reap rewards for individual users at the expense of the public purse. This is particularly galling at a time of pinched resources affecting essential services.

    HMRC is struggling to understand what impact its anti-avoidance activities are having. It is overcome by an eye-watering 41,000 open cases of which over 5,000 have sat unresolved for between five and ten years. My concern is that without a credible plan to resolve these cases and to stamp out future avoidance, the public will lose confidence in the tax system’s ability to collect even-handedly what is due from all individuals and companies.

    HMRC must step up its enforcement activity to clamp down on promoters of schemes who fail to disclose properly. The DOTAS reporting regime is quickening HMRC’s action against avoidance schemes. But HMRC is constantly playing catch-up as new schemes open up. Fines are currently being applied in far too few cases to serve as a meaningful deterrent. HMRC needs a robust plan to tackle its mountain of open cases. It needs to start collecting the right information to demonstrate to the public that its anti-avoidance approach works as well as is possible. HMRC should also use this information to press the case for how future tax yields can be improved with appropriate levels of trained staff.

    Like

    • 107
      Gordon Brown's Greatest Fan says:

      Stepping up enforcement will do nothing to reduce the number of tax schemes that are created.
      A more radical solution would be to introduce a flat 20% tax rate for everything, paye, corporation tax, cgt. At a stroke, the tax schemes would die. The costs of such schemes would mean that the potential tax saving was not worth the risk and uncertainty.

      I suspect that the overall tax take by the treasury would increase.

      Like

  33. 76
    Taxfodder says:

    You won’t get a reply because quite simply Hodge is “all mouth and trousers”

    As the old saying goes when you are in a hole up to yer neck in yer own poo…STOP DIGGING!

    I don’t blame her company Tax arrangements, only her hypocrisy.

    I very much doubt you will see her asking questions again without challenge…

    Like

  34. 78
    restore the monasteries says:

    cameron said,that,red ed,thinks he is rory bremner.Knowledge makes one laugh,but wealth makes one dance.

    Like

  35. 82
    Babe pig in the HoC says:

    Oink

    Like

  36. 86
    YorkshireLad says:

    Paying tax is what poor people do

    Like

  37. 97
    Jimmy says:

    ” it seems Priti is on something…”

    Fixed that for you.

    Like

  38. 101
    Anonymous says:

    Guido old chap.

    When you have more than a smidgeon of knowledge about how company tax works then maybe you should comment. Unfortunately neither you nor Priti Patel have.

    Trying to work out how much tax a company should pay by assuming profits accrue exactly the same way as turnover in every country is simply crap.

    Patel is making a fool of herself here.

    Like

  39. 111
    steve smith says:

    New cockney rhyming slang.
    Margaret Hodge – tax dodge

    Like

  40. 114
    Anonymous says:

    Where did the valuation of £1.8 million come from? – it seems rather low for a shareholding of 1.26% in the UK’s sixth largest privately owned company with a turnover in the billions.

    Also does Jon Cruddas receive any benefits from Stemcor? I see he does not have a dclarable shsreholding, but does he benefit from trust etc. After all his mother was born Hannah Oppenheimer and is the elder sister of Margaret Hodge. Hannah and Margaret are both duaghters of Hans Oppenheimer, the founder of Stemcor. Would be odd if Hans Oppenheimer left a shareholding to Margaret bit nothing to his older daughter. And has she passed anything on to her son Jon Cruddas. Could in fact Labour’s new working class champion in fact be another de facto millionaire.

    Like

    • 119
      Anonymous says:

      margaret oppenheimer.

      also known as margaret hodge
      is the aunt of John Crude.as

      the more one discovers the more there is a feeling that we need to pack up the shop. and move on.
      time to move on?

      Like

  41. 124
    Viv Needle says:

    Hodge….Beneath contempt…Calls herself Labour…Both my dead Grand dads who were miners would have happily put her up against a wall.Viv Needle

    Like

  42. 125
    Anonymous says:

    Margaret Holdge is a complete hypocrite. She should resign her postas head of the public accounts committe or be transparent about her tax affairs and those of her family company. Millions of pounds of assets and tens of thousands of pounds in dividends might be a small amount to mega rich hodge but not to the ordinary people she prentends to represent. It is a complete disgrace on the goverment, politics and the labour party

    Like


Seen Elsewhere

Speaker Bercow Defeated | BBC
Nigel Farage is Bigger Than Jesus | Speccie
Year of Sleaze | City AM
Top 10 UKIP Donors | London Loves Business
Tory Candidate Leaflet Blooper | Get West London
Why Aren’t Middle Class Voting Tory? | Sun
UKIP Do Not Have Monopoly on Fruitcakes | Danny Finkelstein
Ed Must Stop Dithering | Mary Riddel
Ed Cannot Rebuild Trust From Westminster | Rafael Behr
An Open Letter to Russell Brand | "Jo"
Merry Bin-Mas From the Greens | Speccie


Find out more about PLMR AD-MS


Labour insiders turn on Ed over Powell’s latest gaffe:

“When is he going to stop promoting useless people? He was warned about her.”


Tip off Guido
Web Guido's Archives

Subscribe me to:






RSS




AddThis Feed Button
Archive


Labels
Guido Reads
Follow

Get every new post delivered to your Inbox.

Join 1,641 other followers