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Author Topic: F1 pays just 1m tax in UK  (Read 624 times)

Offline John S

F1 pays just 1m tax in UK
« on: July 24, 2013, 03:19:58 PM »
FOM uses legal smoke and mirrors with intra-group loans, says Independent.

Now should us UK citizens really get on a high horse about this like we did over Starbucks, Google and Amazon? :DntKnw:  After all it's Jersey where most of the revenue ends up, last time I looked the Channel Isles were definitely part of the UK. Wouldn't we all do this if we could?  ;)

Even the rest of the F1 industry, teams, engine builders and Silverstone only cough up 1.9m in tax on turnover of 2.1bn.  :swoon:  Although of course most teams, engine outfits and circuits spend most of their income - in some cases more - in the heat of competition, leaving next to nothing by the end of the year. However these outfits, and their subcontractors, contribute heavily to UK government revenues with thousands of workers taxes and National insurance.

I just wish I had the sort of money that makes it worthwhile to avoid taxes by basing yourself in a nice Tax Haven - like Monaco for instance.  :D

http://www.independent.co.uk/news/uk/politics/exclusive-formula-one-pays-just-1million-corporation-tax-on-300million-profit-8728928.html




« Last Edit: July 24, 2013, 03:23:08 PM by John S »


Racing is life - everything else is just waiting. (Steve McQueen)

Offline Alianora La Canta

Re: F1 pays just 1m tax in UK
« Reply #1 on: July 25, 2013, 08:38:49 AM »
I knew Bernie hadn't set up those 36 (I tried counting them once) companies to fill a rainy Tuesday afternoon...
Percussus resurgio
@lacanta (Twitter)
http://alianoralacanta.tumblr.com (Blog/Tumblr)

Offline Willy

Re: F1 pays just 1m tax in UK
« Reply #2 on: July 26, 2013, 12:54:00 AM »
It is the same the world over.....those who have lots of money and should be paying their fair share of tax are able to find tax havens and write-offs so they only pay a pittance.
The regular worker who doesn't make very much and has no write-offs gets to pay all the taxes.
I very much like Warren Buffets' idea to make a flat rate tax for all.
Imagine, everyone paying a flat 12% of all yearly income.

Offline F1fanaticBD

Re: F1 pays just 1m tax in UK
« Reply #3 on: July 26, 2013, 08:08:13 AM »
It is the same the world over.....those who have lots of money and should be paying their fair share of tax are able to find tax havens and write-offs so they only pay a pittance.
The regular worker who doesn't make very much and has no write-offs gets to pay all the taxes.
I very much like Warren Buffets' idea to make a flat rate tax for all.
Imagine, everyone paying a flat 12% of all yearly income.

Both revenue department as well as people like Bernie will go to an epileptic fit for sure. Former due to what to do with so much revenue while the latter for loosing it too much  :DD :DD
Keep running the fast cars, you will be never out of girls

Offline Scott

Re: F1 pays just 1m tax in UK
« Reply #4 on: July 26, 2013, 11:07:28 AM »
Na, like Willy said, no real surprise there.  People with money know how to hide it.  And the expense of hiding it is worth it. 
The Honey Badger doesn't give a...

Offline F1fanaticBD

Re: F1 pays just 1m tax in UK
« Reply #5 on: July 27, 2013, 06:34:19 AM »
Na, like Willy said, no real surprise there.  People with money know how to hide it.  And the expense of hiding it is worth it.

 :'( :'( This is the universal truth unfortunately

So what are you hiding behind those snow Scotty?  :tease: :tease:
Keep running the fast cars, you will be never out of girls

 


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