IndyCar » F1 pays just £1m in corporation tax


The group that owns and operates F1 motor racing made a profit of £305 million in 2012, but paid the UK government just £1 million in tax according to a prospectus for the forthcoming stock floatation.

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elijah

July 24, 2013 4:20 PM
Last Edited 270 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 !!!!!!!!

JJ9871011

July 24, 2013 5:42 PM

Anyone would do the same thing if they were in the same shoes. No one likes paying more taxes than they have to. If the loopholes are there, why not exploit them. I'm a firm believer in the creed, if you're not cheating, you're not trying.

JJJ

July 24, 2013 9:05 PM
Last Edited 270 days ago

@JJ9etc

Except it's not even cheating, everything they do is legal. I personally see no problem with this either by the way, cause the percentage of tax companies 'have to' pay is completely arbitrary anyway. Who says it's morally better to pay 30% than 20%, or 10%...or 0%. The money doesn't disappear, it just moves to different bank accounts in the name of private persons who subsequently pay personal taxes on the money depending on where they live.

Sadly I'm not a wealthy man but I still feel that most of the people complaining about this are more peeved that they aren't the ones doing it and disguise that as moral outrage. If it were them in the position though...I'd wager pretty much all of them would take the fat tax-free cheque in a heartbeat.

I thought this kind of jealous culture was a Dutch specialty...kinda disappointed to see the brits fall to hypocrisy as well.

Texas Roadhouse

July 24, 2013 9:11 PM
Last Edited 270 days ago

Like most, I pay only those taxes I am required to pay. If there are legal avenues I can use to pay less, then of course I take them.

Best of all is living & working in a tax-free location - unless you are a US citizen - the IRS takes your tax even if you work overseas. Now that REALLY sucks!

Just a thought to those here who are outraged - if you have shares in a company, and the annual dividend is reduced because the Directors announce they decided to pay more taxes than they were legally obliged to, how would you feel? Well apart from being pretty pissed off, you would be able to sue them for not running the business in the most efficient and profitable manner possible.

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