F1 »

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.



Related Pictures

Click on relevant pic to enlarge
07.07.2013-  Race, Bernie Ecclestone (GBR), President and CEO of Formula One Management
05.07.2013- Free Practice 2, Bernie Ecclestone (GBR), President and CEO of Formula One Management
07.07.2013-  Race, Grid Girl
11.04.2013- Flags
27.11.2016 - Race, Roger Federer (SUI) tennis player and Bernie Ecclestone (GBR), President and CEO of FOM
27.11.2016 - Bernie Ecclestone (GBR), President and CEO of FOM
27.11.2016 - Bernie Ecclestone (GBR), President and CEO of FOM
27.11.2016 - Bernie Ecclestone (GBR), President and CEO of FOM
26.11.2016 - Qualifying, Bernie Ecclestone (GBR), President and CEO of FOM office
26.11.2016 - Bernie Ecclestone (GBR), President and CEO of FOM and Flavio Briatore (ITA)
26.11.2016 - Free Practice 3, Bernie Ecclestone (GBR), President and CEO of FOM
26.11.2016 - Free Practice 3, (L-R) Fabiana Flosi (BRA), Wife of Bernie Ecclestone and Piero Ferrari (ITA) Vice-President Ferrari
26.11.2016 - Bernie Ecclestone (GBR), President and CEO of FOM, Fabiana Flosi (BRA), Wife of Bernie Ecclestone and Christian Horner (GBR), Red Bull Racing, Sporting Director
26.11.2016 - Free Practice 3, Fabiana Flosi (BRA), Wife of Bernie Ecclestone
26.11.2016 - Chase Carey (USA) Formula One Group Chairman, Bernie Ecclestone (GBR), President and CEO of FOM and Christian Horner (GBR), Red Bull Racing, Sporting Director
26.11.2016 - Chase Carey (USA) Formula One Group Chairman, Bernie Ecclestone (GBR), President and CEO of FOM and Christian Horner (GBR), Red Bull Racing, Sporting Director
26.11.2016 - Chase Carey (USA) Formula One Group Chairman, Bernie Ecclestone (GBR), President and CEO of FOM and Christian Horner (GBR), Red Bull Racing, Sporting Director
26.11.2016 - Chase Carey (USA) Formula One Group Chairman, Flavio Briatore (ITA) and Bernie Ecclestone (GBR), President and CEO of FOM

Join the conversation - Add your comment

Please login or register before adding your comments.

Although the administrators and moderators of this website will attempt to keep all objectionable comments off these pages, it is impossible for us to review all messages. All messages express the views of the poster, and neither Crash Media Group nor Crash.Net will be held responsible for the content of any message. We do not vouch for or warrant the accuracy, completeness or usefulness of any message, and are not responsible for the contents of any message. If you find a message objectionable, please contact us and inform us of the problem or use the [report] function next to the offending post. Any message that does not conform with the policy of this service can be edited or removed with immediate effect.


elijah

July 24, 2013 4:20 PM
Last Edited 1310 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 !!!!!!!!



© 1999 - 2017 Crash Media Group

The total or partial reproduction of text, photographs or illustrations is not permitted in any form.