Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
another example of the elite piggies
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Brian Dixon
- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
and they all went to market and made a profit,just waitng for the bonus.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
good point brian
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Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
Private security giant Serco accused of fraud over £285m prisoner escort contract
Services firm agrees to repay past profits from its £40m-a-year contract and forgo all future earnings
Serco, one of Britain's largest companies, is to be investigated for fraud after the Government and
the services giant called in police to examine irregularities in records kept for its £285m prisoner
escorting contract.
Justice Secretary Chris Grayling announced that the company has agreed to repay past profits from
its £40m-a-year contract and forgo all future earnings after an investigation suggested records
relating to the delivery of prisoners to courts had been falsified by members of its staff.
Mr Grayling said the review by Ministry of Justice (MoJ) officials had not found evidence that
knowledge of the alleged malpractice reached the boardroom of the company, which last year had
revenues of £4.8bn, but warned Serco that it faces being frozen out of all future public contracts.
Serco is one of two companies, along with G4S, which are also being investigated for allegedly
over-charging the taxpayer in the "low tens of millions" to monitor non-existent electronic tags on
prisoners, some of which had been assigned to dead detainees.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
Oh gawd blimey
this cobbled together lot
you just couldn't make it up
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Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
Vodafone shares soar ahead of $130bn Verizon Wireless deal - but UK taxman will not see a penny
One of the biggest corporate deals is set to be completed as the British company sells its 45 per cent
stake in America's biggest mobile phone giant
British mobile phone giant Vodafone is about to complete one of the biggest corporate deals in history,
selling its stake in American Verizon Wireless for $130 billion (£84 billion) - but it will pay no UK capital
gains tax on the profits.
Shares in Vodafone rocketed to a 12-year high in anticipation of the deal, climbing almost 4 per cent
to 214.1p, giving it a stock market capitalisation of £104 billion — even though the Verizon Wireless
stake alone is worth £84 billion.
Confirmation of the sale was expected within hours, once Verizon's board has met.
The deal, the third biggest takeover in stock market history, is a major coup for Vodafone chief
executive Vittorio Colao, who is set to return more than half the £84 billion to shareholders.
Those close to the company expect it to pay virtually no tax on the profits because of UK exemption
rules on substantial shareholdings in subsidiaries — a move that has delighted City investors but is
likely to dismay some tax campaigners.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
Another example of how we need to sort the tax system out
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Guest 698- Registered: 28 May 2010
- Posts: 8,664
Many shareholders will find themselves with a substantial tax bill when VF pay them out - income tax if it's a special dividend, or possibly capital gains if it's a share buyback.
I'm an optimist. But I'm an optimist who takes my raincoat - Harold Wilson
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
Im sure peter they will do well out of it
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Guest 671- Registered: 4 May 2008
- Posts: 2,095
Peter.
I understand the shareholders will be due to pay tax but due to the ever expanding legal loopholes, I am increasingly sceptic as to whether or not they will pay their dues.
However, why is VF not paying any Tax?
"My New Year's Resolution, is to try and emulate Marek's level of chilled out, thoughtfulness and humour towards other forumites and not lose my decorum"
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
Good point Garyc one that was avoided by others
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Guest 698- Registered: 28 May 2010
- Posts: 8,664
BBC Business Editor Robert Peston said: "Possibly it would be wrong to carp and wring hands that Vodafone won't be paying a penny of tax to the British taxman on the tens of billions of pounds of profit it will make from the disposal.
"Because if it had been obliged to pay very substantial tax on the sale, it would have turned down the offer from Verizon Communications - and a windfall for the British economy would have been lost."
The Verizon stake was owned through the Dutch subsidiary- so any capital gains tax liability would be to the Netherlands. CGT rates in the Netherlands vary between 0 and 4% depending on the circumstances.
I'm an optimist. But I'm an optimist who takes my raincoat - Harold Wilson
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
Sure Vodaphone did well out of it
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Guest 714- Registered: 14 Apr 2011
- Posts: 2,594
Peter, find a wall to bang your head against, it will be less painful and be more productive
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
you have
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Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Well said Peter. Nice to see a BBC journalist putting it is the right perspective for a change. Mind you Peston as the business editor does not have his head in the clouds like many others at the beeb.
Guest 671- Registered: 4 May 2008
- Posts: 2,095
David.
I am happy being a wall for Peter to bang his head on, as long as I learn something from him.
Peter.
"and a windfall for the British economy would have been lost"
I assume you are referring to the shareholders windfall?
Before anyone starts with accusations, I have no problem with shareholders getting profit from their investment.
But the trend is not about re-investment with that windfall because of the state of the economy, its about stashing it away for the time being, untill things get better, which is not going to happen until, wait for it
Yes BarryW is right. "until our tax system is replaced by a simpler version"
"My New Year's Resolution, is to try and emulate Marek's level of chilled out, thoughtfulness and humour towards other forumites and not lose my decorum"
Guest 698- Registered: 28 May 2010
- Posts: 8,664
Yes, Gary, of that windfall, some will go in tax and the rest will be reinvested, thus creating more jobs. Companies like VF do not 'stash it away' as their shareholders want to see the balance of the money put to work for VF, the shareholders and the economy. Money in the bank benefits nobody but the bank.
I'm an optimist. But I'm an optimist who takes my raincoat - Harold Wilson
Guest 714- Registered: 14 Apr 2011
- Posts: 2,594
Gary, your last line is the crux of the matter.
Reg and others bang on relentlessly, it was his lot that complicated tax so much, this lot have done nothing to improve matters.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
its time all agree for a simplified tax system
blaming others gets you no where
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