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27 Jun 2011
THE LANDLORDS of care home provider Southern Cross are sending the rent they receive into tax havens, reports have suggested.
The Financial Mail reports that the parent companies of Nursing Home Properties, which leases 249 homes to Southern Cross, channels funds to the Cayman Islands.
Further reading
This follows an investigation by the GMB union into the UK's biggest care home provider, which has been battling insolvency for the past few months.
Lloyds Property Investments has 40 homes and managed to send the proceeds to Israel, Poland, Singapore, the British Virgin Islands, Channel Islands, Switzerland and back to Israel, according to the report.
Other landlords have subsidiaries in Jersey and Guernsey, the union found.
A GMB spokesman said: "While rental fees have gone up and these companies have a trail of cash going into offshore tax havens, the elderly are suffering.
"Southern Cross doesn't have the money to maintain the standards to properly care for the 30,000 elderly."
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Visitor comments Add your comment
Distortion
To suggest that offshoring funds by landlords is depriving the elderly of care is an utter distortion.
The (mis) management of homes by Southern Cross and their inability to pay rents are SEPARATE issues.
When did the Sun sub for Accountancy Age?
Posted by: Colin A, 27 Jun 2011 | 13:52