Regular readers will be well aware that Guido has been banging on about Margaret Hodge’s shameless tax hypocrisy for years.
Back in 2012, he took a look at her 0.01% tax rate-paying family company, Stemcor. At the time she insisted her £1.5 million shareholding was “tiny, tiny, tiny” and she succeeded in scaring off the dead tree press from reporting her arrangements. Hodge even threatened to sue anyone accusing her of tax avoidance. Yet no writ or letter before action came.
Today’s Times splashes on the story:
“just under 96,000 Stemcor shares handed to Ms Hodge in 2011 came from [Liechtenstein], which is renowned for low tax rates. Three quarters of the shares in the family’s Liechtenstein trust had previously been held in Panama, which Ms Hodge described last month as “one of the most secretive jurisdictions” with “the least protection anywhere in the world against money laundering”. The veteran Labour MP was accused of sheer hypocrisy. She has repeatedly attacked big businesses and bankers who used offshore arrangements, but has not declared that she benefited from an offshore trust.”