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
    • 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.

      Like

      • 25
        Pinochio Hodge says:

        Her nose has grown longer in the picture.

        Like

        • 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..

          Like

        • 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 .

          Like

        • 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.

          Like

    • 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).

      Like

    • 68
      Wankers Unite says:

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

      Like

    • 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.

      Like

    • 79
      Final answer says:

      she is a right stupid cow.

      Like

    • 82
      Vin Tank says:

      Hodge: tragic.

      No wonder so many hate these useless people.

      Like

  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.

    Like

    • 7
      Pollytwaddle says:

      You won’t.

      Not EVER.

      Like

      • 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.

        Like

    • 10
      Socialism is a severe mental illness says:

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

      Like

      • 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………

        Like

  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

    Like

  4. 4
    Scottish Chav says:

    one rule for the left …

    Like

  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?

    Like

  6. 6
    Pollytwaddle says:

    Don’t expect consistency from Hodge the Dodge.

    Her game is bleating about “avoiding tax.”

    As if that were bad!

    Like

  7. 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.

    Like

    • 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.

      Like

  8. 9
    Dame Diane says:

    Why doesn’t the tart shut her gob?

    Like

  9. 11
    Interpol says:

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

    Like

  10. 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.

    Like

  11. 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.”

    Like

  12. 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.

    Like

  13. 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.

    Like

  14. 21
    Labour Proper British Investment Bank (LPBIB) aka the Co-Op says:

    Like

    • 22
      Chuka is a Banker says:

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

      Like

    • 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?

      Like

    • 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.

      Like

      • 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.’

        Like

    • 39
      What a plonker. says:

      He means the Cooperative Bank.

      Like

    • 72
      Wankers Unite says:

      Oh Fuck off you twat.

      Like

    • 78
      mi brane hertz says:

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

      Like

    • 84
      Rob says:

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

      Like

  15. 23
    Ed Miliband says:

    ‘Oh God. What have I done?’

    Like

  16. 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.

    Like

  17. 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.

    Like

    • 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.

      Like

  18. 50
    Ad hominem says:

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

    Like

  19. 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.

    Like

  20. 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!

    Like

  21. 63
    Hodge is a hypocrite. says:

    Another hypocrite in the Labour Party!

    Like

  22. 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?

    Like

  23. 73
    Wankers Unite says:

    Hodge is a lesbo.

    Like

  24. 74
    I d on't n eed no d octor says:

    But 84 billion is such a tiny amount.

    Like

  25. 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

    Like

  26. 77
    Piter Hayne says:

    Drop Hodge-the-Dodge on Syria

    Like

  27. 80

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

    Like

  28. 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?

    Like

  29. 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.

    Like


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Austrian Chancellor Werner Faymann on Cameron’s refusal to pay the £1.7 billion EU bill by December 1st:

“Well, then he’s gonna pay on December 2nd”



Mycroft says:

Have you read the last bit of Animal Farm?

You know where the animals are looking through the Farmhouse window?

My TV screen was that window at lunch-time today.

Be careful, the sudden self-congratulatory tone, the slightly pudgy outline of indulgence and you become exactly what you should despise.

The jolly face of the Quisling Cameron poses for your camera has mesmerised and deceived you, you who were once not so deceived.

You were no firebrand, you were a damp squib in my opinion, sorry.

You need a damned good kick up the ahse!


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