Mapeley paid no tax last year

Mapeley, the listed offshore property group which caused a political storm when it bought Inland Revenue offices, paid no corporation tax last year in any of the jurisdictions in which it operates.

The company disclosed the lack of any corporation tax liabilities yesterday as it rejected the idea of REIT status. Since it already pays no tax, there would be no advantages, it insisted, the FT reports.

The Revenue attracted criticism for the sale, which meant the properties being held offshore as part of an avoidance plan.