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Saturday, 4 December 2010

Damascene conversions

Writers in the Guardian are up in arms about tax avoidance. They would do well to save their breath to cool their porridge and look a little closer to home, in particu;ar the 2008 accounts of Guardian Media Group which show a tax payment of -£0.8 million on profits of £307.3 million.

4 comments:

Eddie said...

It shows an operating LOSS of £63.2m. "Profit before taxation" is almost entirely due to "part disposal of subsidiary", without which they'd be deeper in the doo-doo.
But perhaps you know why the disposal was not elegible for taxation?

Eddie said...

Dear Alex, the above is a serious question. With your financial acumen, I hoped you would know how GMG can juggle P&L to obtain their ludicrously low tax position.

Alex said...

http://www.guardian.co.uk/money/tax-gap-blog/2009/feb/02/tax-gap-guardian

Bill Bell said...

If you get into bed with private equity scum you learn their bad habits pretty quickly.

Be interesting to see how much money GMG flushes down the EMAP toilet before they stop throwing good money after bad.