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