Finance director protests as internet company hit by £15m national insurance bill despite mounting losses

The tax bill was revealed as QXL revealed losses had soared from £11.2m to £38.1m.

However, the company’s share price has soared from 200p in October last year to more than 1600p at the end of December, leaving the staff sitting on potential gains of £123m, the Evening Standard reported today.

Despite its losses, the company has to pay 12% National Insurance on gains in its share option scheme.

Finance director Robert Dighero called for the tax to be removed in next month’s Budget.

Ex-Financial Times finance chief says I do to Yahoo

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