Miliband’s Google Glass House

Just one problem with Ed’s Google-bashing this afternoon:

Guido readers will know that HuffPoUK is owned by AOL Limited, whose parent company is the Luxembourg-registered AOL Europe Sarl.

In 2010 AOL UK Limited, HuffPo’s esteemed owners, had a revenue of £78 million. Despite that they paid just £122,000 in corporation tax, cleverly moving £30 million out of the reach of the UK tax authorities by “repatriating” a dividend payment to a tax avoidance special purpose vehicle (SPV) AOL Europe Sarl, registered in the tax haven of Luxembourg. This meant, despite returning 38% of revenue to shareholders, they had an effective tax rate of less than 1%. Guido looks forward to Ed’s article attacking AOL and HuffPo for “going to extraordinary lengths to avoid paying taxes”. His spokesman insists that “all companies need to be responsible.”

Further reading on HuffPo’s tax avoidance hypocrisy:



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Quote of the Day

Dominic Cummings tells Damian Collins:

“You talk of ‘contempt of Parliament’. You seem unaware that most of the country feels contempt for Parliament and this contempt is growing.”

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