Virgin Media has received a refund of £81.5m from HM Revenues and Customs (HMRC) covering VAT payments. The telco said in a short statement that its current contingent liability had been reduced to £23.6m. Virgin Media didn't reveal any further details about the arrangement. In the company's last quarter ended 31 March this …
nothin' quite like paying yer tax is there?
So, where does the grinning git have homes?
Where are his acccounts based?
Pay yer taxes Branson!
Nahhh... he only owns about 15% of the shares of VM, no "company income", no "company tax", there's loads of "Virgin" companies that he doesn't own any of (just sells the non perpetual rights to the brand).
Sorry, but Branson has nothing to do with this
Branson owns Virgin. That's Virgin, the branding company. The branding company owns shares in all Virgin-branded enterprises, whether they are majority-owned (like Virgin Atlantic), or not (like Virgin Media).
Virgin, the branding company licenses the name to others, that's how Branson makes his money. So if Virgin Media got a VAT refund, it has nothing to do with Branson, and everything to do with Virgin Media. Virgin, the branding company continues to draw its royalties from Virgin Media, regardless of VAT refund or commercial strategy.
And Branson is a Brit. A real one. A domiciled one. He pays his taxes in this country. That's the taxes he owes through Virgin, the branding company, not Virgin Media.
Is this as a result of HMRC losing a particularly contentious case regarding VAT? If not (and the article doesn't illuminate me any further) then why is this at all regarded as news? "Big company receives refund of tax they overpaid to bring their estimated liability into line with actual liability?" Yes. They do. Often.
HMRC don't *need* to lose court cases any more.
Their new boss is just giving free taxpayer's money away to any huge tax-avoiding multinational that wants it, no questions asked. They were winning all their court cases against Vodafone, but then David Hartnett decided to just roll over and negotiate an incredibly generous settlement that gave Vodafone everything they wanted, including billions off their tax bill and a free pass to carry on with a clearly illegal tax-avoidance scheme. He does this against the advice of HMRC's lawyers, and even in some cases apparently acts illegally himself in doing so.
See recent issues of Private Eye for the full barely-believable details. It's like he's some kind of infiltrator, not working for HMRC at all but entirely in the interests of the corporations and against the interests of the public, government and exchequer. He should be fired and jailed.
if a national paper actually took a stand and printed that as a fact ... he'd have to sue for libel (see Oscar Wilde)
Which national newspaper is owned by...
...someone domiciled in this country?
I think maybe the Sexpress is, but what about the Mail, Times, Telegraph, Independent? Even the Guardian seems to be owned by some kind of trust.
They all stay very quiet about tax avoidance.
When I get a refund for the crap service?
It's sick that Branson doesn't own this company it's his startuo after all. Part of the reason there's no point doing anything because you'll just lose it if you succeed. Thing is the state doesn't take it for the good of us all, just people with money do. That's the people who've got money anyway. Branson came from no-where and started that company.
> It's sick that Branson doesn't own this company it's his startuo after all.
It isn't Branson's startup and never has been.
> Part of the reason there's no point doing anything because you'll just lose it if you succeed.
That must be why Branson and other entrepreneurs own so much. You can stay at home doing nothing (except claiming benefits) if you like and leave the hard work to others.
> Thing is the state doesn't take it for the good of us all, just people with money do. That's the people who've got money anyway.
That makes no sense whatsoever. Are you saying that only the people with money take the money for the good of all?
> Branson came from no-where and started that company.
Branson started in the music industry, not the telecommunications industry. He sold Virgin Media the rights to use the name "Virgin Media" and be associated with the Virgin Group.
Do you know your facts?
"It's sick that Branson doesn't own this company it's his startuo after all. Part of the reason there's no point doing anything because you'll just lose it if you succeed. Thing is the state doesn't take it for the good of us all, just people with money do. That's the people who've got money anyway. Branson came from no-where and started that company."
Had you considered maybe he chose to sell it - for millions... yeah poor old RICHard Branson. Are you trying to suggest he had not done extremely well for himself because that is how it sounds.
Poor Sir Alan Sugar as well... Britain has really poo'd on him too.
@Boethius = missed the plot
@Boethius = missed the plot = dimwit
"Part of the reason there's no point doing anything because you'll just lose it if you succeed."
Yeah why should all stay at home and claim benefits. Or how about we start our own companies, make millions, have an airline and other businesses and even our own island.
Tough choice! It's people like you that drag this country down - try being positive for a change.
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