ENERGY giant npower has dodged paying up to £108 million in UK corporation tax in the past four years — by funnelling cash to Malta.
More than half of the firm’s funding comes from German owner RWE via loans paid through a shell company based in the Mediterranean tax haven, The Sun can reveal.
Npower then pays back annual interest on the loans to the Maltese company — called Scaris.
The arrangement means the UK gas and electricity supplier can post a loss here, and avoid corporation tax.
Last night experts likened npower to the US coffee chain Starbucks, which dodged UK tax using similar sister firms. Full story...
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More than half of the firm’s funding comes from German owner RWE via loans paid through a shell company based in the Mediterranean tax haven, The Sun can reveal.
Npower then pays back annual interest on the loans to the Maltese company — called Scaris.
The arrangement means the UK gas and electricity supplier can post a loss here, and avoid corporation tax.
Last night experts likened npower to the US coffee chain Starbucks, which dodged UK tax using similar sister firms. Full story...
Related posts:
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- Apple hides almost $1bn a week from US tax man...
- Apple paid only 2% corporation tax outside US...
- Microsoft, HP avoided paying billions in taxes...
- Google pays just £6m UK tax on revenue of £3.95bn...
- Goldman Sachs "escapes paying £10million bill in deal with the taxman"
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