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F1 pays just £1m in corporation tax

Coffee chain Starbucks is another company in the spotlight, reportedly paying just £8.6 million in corporation tax in the UK over the 14 years it's been in operation in the country. Tax deductions meant that it had paid nothing at all in the last four years, despite sales of over £400 million in 2012.

The companies have responded by pointing out that they have a legal duty to shareholders to minimise running costs and maximise profits to shareholders by any legal means possible. F1's biggest shareholders, investment group CVC, declined to comment on the reports of the sport's tax affairs this week.

The Organisation for Economic Co-operation and Development (OECD) last week announced a plan to update national tax laws, and coordinate them so that they can no longer be "abused" by multinational companies.



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elijah

July 24, 2013 4:20 PM
Last Edited 417 days ago

UK government and other world governments set the tax laws. Then these same governments complain when they lawfully receive small amounts of the pot from big business. This is so typical of government, to let the little man foot the bill and then shift the blame on someone else. This is what i find disgusting !!!!!!!!



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