In 2011 this blog ran a Guy News investigation into the Guardian’s offshore tax dodge in the Caymans. We followed it up in 2012 and Guido personally asked Alan Rusbridger and GMG plc’s CEO to explain the continuing holding of assets offshore. No reply was forthcoming. In 2012 we checked to see if GMG was still using GMG Hazel Acquisition 1 Limited, the controversial tax-exempt corporation which it set-up in 2007.
Subsequently in 2008 The Guardian claimed GMG Hazel Acquisition 1 Limited, a GMG-owned company, would be transferred into their investment partner Apax’s offshore structures, normally when this happens there is a name change. The name is unchanged to this day, strongly suggesting the ownership was unchanged. At the very least Apax/Guardian will have saved themselves $5 the million in stamp duty which would otherwise be due to HMRC by doing the transaction offshore:
No pronouncement from Polly Toynbee as yet. Guido is consulting beancounters on further tax implications of the deal…
Further reading on the Guardian‘s tax hypocrisy: