Of course Jersey has the right to say it isn’t a tax haven. Just as we’ve got the right to laugh at them when they do so. — Richard Murphy
A joint investigation by Corporate Watch and The Independent has identified a number of High Street retailers who are exploiting a eurobond scam to avoid paying tax, which is costing the public purse at least £500 million per year.
High Street retailers identified, include Nando’s, Pizza Express, Café Rouge, BHS, Maplin, Office and Pets at Home. The companies all cut their taxable profits by borrowing at high interest from their owners through the Channel Islands Stock Exchange.
This has been raised in the House of Commons with David Cameron, he has refused to close the tax loophole.
- Eurobond tax scandal: David Cameron accused of dodging concerns over loophole that costs Treasury at least £500m a year
David Cameron would rather wage class war on the poor and disabled with Bedroom Tax, cuts in welfare payments, cuts in disability payments, savage cuts to public libraries.
Once again, we see what David Cameron means when he says we are all in it together. It is just that some are more in it than others.
It is not only High Street retailer who are making use of this eurobond scam to avid tax. Corporate Watch and The Independent have also identified food companies making use of the same tax loophole: United Biscuits, which is behind major brands including McVitie’s, Penguin, Jaffa Cakes and Twiglets; Molson Coors, whose beers include Carling, Coors, Cobra and Miller; and Iglo Foods, which owns Birds Eye.