Close on the heels of my last CW post regarding massive bonuses, we now find out that these bonuses ( in the energy sector) were paid for, in the case of a firm called n power, by not paying any tax.
That’s right, despite crying wolf on ‘massive wholesale increases” ( prices have actually dropped) in passing on well above inflation increases to us, they didn’t pay any corporation tax.
And haven’t done so for three years.
They say they achieved this by a ‘ simple accounting UK rule’. (Sic). As ever, many of us are left wondering just how stupid government and HMRC can be to allow such a ‘simple’ rule – or did they just mean massive tax avoidance?
Either way its yet another indication that as well as nationalisation of previously privatised assets, the next Labour government need to prioritise a massive overhaul of the tax system, including a radical reduction of tax avoidance opportunities. In fact why not ban it all together?
Wouldn’t it be easier to say, if you live or work in this country, you pay tax.
What’s so hard about that?