September 2nd, 2013

Hodge Blames Gordon For Vodafone Tax Dodge

Margaret Hodge isn’t wasting any opportunity to bleat about the £84 billion Vodafone/Verizon deal today:

“We must demand reassurance that HMRC has thoroughly examined this proposition to ensure British taxpayers get their rightful share of this massive profit. If there’s a flaw in legislation it has to be urgently addressed by Treasury ministers. I don’t understand how anyone can justify such a massive windfall without handing a fair share to the Exchequer. If this is an instance in which Vodafone has simply played the system then clearly they themselves have an obligation to UK consumers, on whom they depend for their business, to do the right thing.”

Flaws in legislation, you say? Well the two companies are exploiting the so-called “Substantial Shareholder Exemption” loophole to legally dodge the tax, the very same loophole used by Guardian Media Group when it sold Autotrader. SSE is a corporation tax exemption for businesses disposing of a substantial shareholding in a part of their business. The idea is that businesses should be able to restructure their businesses without having to worry about chargeable gains implications. And who was it introduced by? One Gordon Brown…

UPDATE: That “flawed tax law” Hodge is complaining about? She voted for it.


85 Comments

  1. 1
  2. 2
    Sandra in Accounts says:

    “…..to ensure British taxpayers get their rightful share of this massive profit”.

    So that millionairess Oppenheim can carry on troughing.

    I have not once heard the BBC question Hodge the Dodge on STEMCOR.

  3. 3
    DameIreneWard says:

    This is just another example of a politician who thinks that someone elses money, in this case the shareholders of Vodafone, belongs in whole or part to the state. Hodge also says that Vodafone “depend on UK consumers for their business.” Failing to notice that the business being sold is in the US so the value has been created by US consumers. Playing to the gallery

  4. 4
    Scottish Chav says:

    one rule for the left …

  5. 5
    Maximus says:

    The woman has had that damn bogey up her nose for months now. Or is it the residue of a rolled up £50 note?

  6. 6
    Pollytwaddle says:

    Don’t expect consistency from Hodge the Dodge.

    Her game is bleating about “avoiding tax.”

    As if that were bad!

  7. 7
    Pollytwaddle says:

    You won’t.

    Not EVER.

  8. 8
    The National Brass Reserves says:

    This is the woman who, together with her nasty husband and Tony Blair, helped engineer the ‘open door’ that swamped Britain with foreigners.

  9. 9
    Dame Diane says:

    Why doesn’t the tart shut her gob?

  10. 10
    Socialism is a severe mental illness says:

    I don’t understand how the taxpayer has “a rightful share” of someone else’s money.

  11. 11
    Interpol says:

    Has anyone heard anything of a Mr Eg Miliband, who appears to have gone missing?

  12. 12
    The BBC causes serious mental illness says:

    Well the BBC has done, but did not mention the name Stemcor, and were scared off with some legal speak and blatant threat of libel action:

    As it didn’t stop them at that time with McAlp!ne, it is odd that the BBC backed down.

  13. 13
    David says:

    Vodafone does not depend solely on UK consumers.

    About 5% of the subscriber base is in the UK.

    The money was made in the US.

    They are compliant with the law, if you don’t like it change the law. But they could headquarter themselves somewhere else if they didn’t like the climate in the UK.

  14. 14
    The allseeing Eye says:

    Since when did anyone ever expect Labour to deal in truth and reality? Look at the record of Hodge, she has never admitted the truth about anything government wise and certainly not about her own finances.

    Hodge, Prescott, Blair, Milliband are collaborating on a new book – title “How to become millionaires – be a Labour MP.”

  15. 15
    Percy says:

    All this the same thing that happened with the Banks and deregulation, Gordy was told that BIG business that they did not want to pay CGT on disposals here or overseas so Gordy consulted BIG business how he should get around CGT and they told him to do it this way, so that is what he did.

  16. 16
    Diane Abbott says:

    She loves playing divide and rule – typical honky.

  17. 17
    A view from atop the pyramid says:

    Jason Swift would agree with you.

  18. 18
    trorpuc is a corrupt Corrupt. says:

    The worst type of politician. Grand standing butter would not melt in mouth accusing everyone corrupt when she is the supreme corrupt of the corrupt pile and the other MPs on her corrupt committee are no better as they have not sacked the corrupt Hodge the Dodge multimillionairess and holder of millions of pounds of shares in her family firm in a tax avoiding family trust which by any measure of standards is a corrupt scam employed in a corrupt way so as not to look corrupt.

  19. 19
    Labour are Splitting says:

    You mean Schrodingers Labour Party Leader ?

    He’ll be on one side or the other, or hanging around under Bl*ckfr!ars bridge.

  20. 20
    Will Straw says:

    Can I have a copy?

  21. 21
    Labour Proper British Investment Bank (LPBIB) aka the Co-Op says:

  22. 22
    Chuka is a Banker says:

    Chuks, the last place I would deposit my dosh is in your Proper Bank.

  23. 23
    Ed Miliband says:

    ‘Oh God. What have I done?’

  24. 24
    What a plonker. says:

    Miliband has realised that any future gas attacks is down to his cowardice .

  25. 25
    Pinochio Hodge says:

    Her nose has grown longer in the picture.

  26. 26
    Blue Peter Goldfish says:

    Nothing?.

  27. 27
    Liar.Politicians says:

    There’s no such thing as a “fair share” to the exchequer, the taxman is a greedy b@stard. The government will ony blow any money on more spies for it’s own paranoia and to cover up British gov crimes, and more jobs for the boys (notice next to no QUANGO’S have been cut since promised in 2010).

  28. 28
    Liar.Politicians says:

    George Osborne pretends he didn’t avoid taxes when he flipped his house on taxpayer funded expenses, and to this day refuses to pay back the money.

  29. 29
    Sandra in Accounts says:

    Oh dear lord no – not Labour running a Bank.

    Over to our reporter now at Co-Op Banking to see glorious third way socialist-economics in action – how’s that working out?

  30. 30
    Copied from Wilki... a lovely lady says:

    In 2003, following Hodge’s appointment as Minister for Children, 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.[14] 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 apologised for referring to him as ‘an extremely disturbed person’ in an earlier letter to then BBC chairman Gavyn Davies which was broadcast on Radio 4’s Today programme. Hodge was forced to publicly apologise and offered to contribute to a charity of Panton’s choosing as recompense.

  31. 31
    Labour are Splitting says:

    Hang on.

    Wasn’t Cable talking about this late last year ?

    http://www.theguardian.com/politics/2012/sep/24/vince-cable-small-business-bank1

    Osborn put the money to one side as well to get it started, and Chucka was trying to claim credit (pun intended).

    This is basically a UK version of G’ermany’s KfW.

    Should work. However the logical question is why with the UKs large banking sector is it needed ? There should be no need for a state owned lender, unless the real credit risk in the UK is too great for commercial banks to tolerate. There are many implications with this conclusion.

  32. 32
    Faceless Bureaucrat says:

    Damn right!…

  33. 33
    Last seen ?? says:

    I believe that several several sheets of blank paper headed up Labour Policy have also gone missing from his office desk.

  34. 34
  35. 35
    Blue Peter Goldfish says:

    But they don’t deposit anything, they just run up a massive overdraft.

  36. 36
    Mehdi Hasan says:

    The Scottish National Party has alleged that UK has provided training to top senior Syrian military officers from President Assad’s regime.

  37. 37
    Affairs of State for Dummies says:

    ‘Princes and governments are far more dangerous than other elements within society.’
    – Niccolo Machiavelli

  38. 38
    What a plonker. says:

    We are talking about Hodge the dodge.

  39. 39
    What a plonker. says:

    He means the Cooperative Bank.

  40. 40
    Co-Op Banking Spokesperson says:

    Have you seen Ed Balls ?

  41. 41
    What a plonker. says:

    That was before the gas attacks.

  42. 42
    Hariet Harman says:

    Hey – has anyone seen the crayon ?

  43. 43
    Django Free Markets! says:

    Probably the only correct thing Brown did during his premiership!! Business is about making and maximising profit, not some crazy notion about how much tax can I pay..

  44. 44
    Blue Peter Goldfish says:

    And the point being?, surely training people is a good thing.

  45. 45
    average joanna says:

    I wouldn’t trust Labour with my kids pocket money.

  46. 46
    just asking says:

    So the Scots Nats are supporting the al-Qaeda affiliated jihadist Syrian rebels then?

  47. 47
    The National Brass Reserves says:

    There have been all sorts trained at Sandhurst, including even all the officers who would have the misfortune of standing and staring South at the remnants of their prospects for an interesting career if Scotland becomes independent and they give in to their wives’ nagging to join the SNP Militia.

  48. 48
    AQ: Kirkcaldy and Cowdenbeath says:

    Looks like it.

  49. 49
    Anonymous says:

    Prospective suitors, eyeing UK-based Stemcor Holdings’ Indian assets worth $ 800 million have been set a deadline of September 10 to put in their formal bids.

    Will the tax man get his slice of this ?? Tellus Hoge the Dodge,
    Or is this just such a tiny, tiny amount.

  50. 50
    Ad hominem says:

    Wouldn’t pi$$ on her if she was dying of thirst, or on fire.

  51. 51
    Anonymous says:

    Nige an co say they will address that matter.

  52. 52
    Penfold says:

    “”””We must demand reassurance that HMRC has thoroughly examined this proposition to ensure British taxpayers get their rightful share of this massive profit.””””

    WHY,
    since when does a company have to pay a tithe for successfully investing in a US business and taking $’s of the yanks to a profligate wasteful government, when there are LEGAL loopholes to minimise the hit.
    We should throw Hodge the Dodge’s words back at her over Stemcor, which has done exactly that, used legal methodology to minimise tax and ensure that Hodge and the Trusts she established get a divi, which of course she doesn’t reject.
    Yet another firkin champagne socialist.
    A pox and plague on the lot of’em.

  53. 53
    Blue Peter Goldfish says:

    Eds Balls.

  54. 54
    Anonymous says:

    He could be preparing for his party’s impending conference. Well, he could be.

  55. 55
    Spartacus says:

    relentless confiscation of wealth

  56. 56
    Anonymous says:

    hello mrs stemcor , you still with us …. and how is your relative sally oppenheimer keeping ??

    pity you were on opposite sides of the political divide .

    still … family financial blood is thicker than whim – like poltical water .

  57. 57
    The Archbishop of Chipping Bottom says:

    We don’t do God in the Labour Party.

  58. 58
    The conservative, LibDem and Labour Parties says:

    We are, so why can’t they?

  59. 59
    Nothing Better To Do says:

    Just wait until interest rates are forced up and the government can’t pay the interest. Then we’ll really see some confiscation.

  60. 60
    Keitho says:

    Ooh , look. A squirrel.

  61. 61
    green gilbert says:

    Why has Ms Hodge got her thumb in her nose. Thumbing one’s nose is one thing but this technique must be a Socialist trait.

  62. 62
    Andrew Efiong says:

    She needs to wind her neck in.

    Just because a company makes some money on a deal does not give the government an automatic or “moral” right to get a slice of this money.

    More so since she voted for the very situation she’s criticising. If we taxed hypocrisy Hodge would be declared bankrupt!

  63. 63
    Hodge is a hypocrite. says:

    Another hypocrite in the Labour Party!

  64. 64
    Eeyore says:

    There must be someone who reads Guido who’s in a position to demolish this self-important hypocrite once and for all.

    What it needs is a major columnist in a serious paper.

    Simon Heffer? Dominic Lawson? Melanie Phillips? ANO? Where are you?

  65. 65
    Michael Portaloo says:

    Hear hear. There is an assumption that the exchequer has the right to put its hand in the pocket of anyone who makes a lot of money. If successive governments were ever serious about this they would have closed down these loopholes years ago. They exist because they exist elsewhere too and closing them all down makes you a socialist superstate – Russia has aggressive tax police – they go after govt enemies and leave their friends alone. Hodge the dodge has spoken in a way that reveals she doesn’t really know how Stemcor is run – she said her shares are held in trust for no particular reason. Poppycock. An offshore trust is expensive to set up and maintain, it helps avoid IHT, CGT and disguise earnings and ultimate ownership via nominee holdings (see Tony Blair’s complex offshore structure). Come on Guido, dig up the goodies on her for us – I’m dying to see what her unpaid income taxes should be – there’s some filth here – daddy was a friend of president Nasser in Egypt and they were at it there too………

  66. 66
    Fishy says:

    Yep.

    Typical Labour tactic.

    Some months ago, Gove announced that he was dealing with the issue schools making multiple entries for exams (not covered by the BBC). Last week Twigg said announced Labour would do something about it (covered by the BBC).

    Miliband does it all of the time…with many ‘me too’ announcements, pretending to lead from the front.

    ‘Follow me, I’m right behind you.’

  67. 67
    Michael Portaloo says:

    Don’t worry Diane, nobody is brave enough to divide your corpulent cheeks let alone get out the slide rule

  68. 68
    Wankers Unite says:

    I like to say go fuck yourself but probaly already have.

  69. 69
    Wankers Unite says:

    From his arse or big eds?.

  70. 70
    Michael Portaloo says:

    Nothing tiny about it, she controls beneficial ownership of more than 20% of Stemcor main voting shares. She’s seriously rich.

  71. 71
    Wankers Unite says:

    Oh FFS.

  72. 72
    Wankers Unite says:

    Oh Fuck off you twat.

  73. 73
    Wankers Unite says:

    Hodge is a lesbo.

  74. 74
    I d on't n eed no d octor says:

    But 84 billion is such a tiny amount.

  75. 75
    The last Bastion says:

    She also seems to missing the fact that most of the money is being paid to shareholders, who will then have to pay CGT on it.

  76. 76
    dustybloke says:

    She voted for it because:

    She didn’t read it – negligent cow
    She agreed with it – hypocritical cow
    She didn’t agree with it but obeyed the whip – spineless, hypocritical cow
    She didn’t understand it – stupid cow

    The End

  77. 77
    Piter Hayne says:

    Drop Hodge-the-Dodge on Syria

  78. 78
    mi brane hertz says:

    Has Chukup not heard of the Funding For Lending scheme which is currently reducing interest rates to almost 0?

  79. 79
    Final answer says:

    she is a right stupid cow.

  80. 80

    Mr brown where were you at thurs vote and have you got vodafone contract ?

  81. 81
    REALWORLDER says:

    Why do these socialist bastards automatically assume that they have a right to
    confiscate all earned assets in order to bribe their moronic voters?

  82. 82
    Vin Tank says:

    Hodge: tragic.

    No wonder so many hate these useless people.

  83. 83
    The Gallery says:

    We’re not impressed.

  84. 84
    Rob says:

    Or a gigantic Labour/union slush fund, as it will technically be known.

  85. 85
    Anonymous says:

    So, as a principled party committed to undoing the wrongs of NuLab we can expect the Tories to remove this flawed legislation. Justice and honour demand no less.


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