Monday, July 01, 2013

‘Prince Charles acts Starbucks on tax’

A senior British MP has condemned Prince Charles’ tax arrangements as similar to “immoral” Starbucks coffee shops, saying he only pays income tax at will.

Chairman of the powerful Commons Public Accounts Committee Margaret Hodge, who will report on Charles’ tax status next month, said the heir to the British throne should pay his “fair” share of tax.

With an eye on the multi-million-pound annual revenue of the Charles’ Duchy of Cornwall, which is exempt from tax, Hodge compared the prince’s tax affairs to that of Starbucks coffee shop chain.

The American company had paid no corporation tax on sales of £1.2 billion in the last three years while paying just £8.6 million in tax over the past 14 years of its work in Britain. Full story...

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