Ken Livingstone highlighted over corporate tax structure
Daily Telegraph flags up Ken Livingstone's tax payouts through his company
Daily Telegraph flags up Ken Livingstone's tax payouts through his company
LONDON MAYORAL CANDIDATE Ken Livingstone, who has criticised personal tax avoidance through company structures, has paid himself through a personal company.
Livingstone (pictured) set up as personal company with himself and his wife as shareholders, earning hundreds and thousands of pounds in 2009 and 2010.
The report, from the Daily Telegraph, said Livingstone avoided some £50,000 as a difference between paying corporation tax at a lower rate than under income tax and through dividend payments.
Livingstone has previously said tax avoiders should not be allowed to vote.
Smith & Williamson national tax director Richard Mannion said Livingstone’s actions were not illegal however, “given what Mr Livingstone has said about tax avoidance, that takes you into a whole different area of what is legally correct and what is morally correct”.
Livingstone said the combination of corporation tax plus the tax on his payout from the business would effectively work out to the same amount as under income tax.
More about:
The numbers you crunch tell a story. Your expertis...
12yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleWith proposals for an Amazon tax on the table, how can the UK tax system catch up with the implications of the Fourth Industrial Revolution? Read More...
View articleGlobal corporations are under increasing scrutiny over how much corporation tax they pay. So who are the latest big names hitting the headlines over t...
View articleThe EU is deeply divided over how to increase the tax take from tech giants such as Google, Apple and Amazon, who have recently come under fire for be...
View articleTo avoid falling foul of HMRC's tax crackdown, small businesses now have to be much more vigilant when it comes to tax matters, and it's an ideal oppo...
View articleLaw firm warns that HMRC focus on entrepreneur’s relief could prompt increase in avoidance scheme usage Read More...
View articleDiverted profits tax revenue collected by HMRC in 2016-17 totalled £281m, leaping from £31m collected in the previous year, according to data released...
View articleBillions of pounds of infrastructure investment planned; but tax tinkering still looms following Philip Hammond's first Autumn Statement Read More...
View articleAs advisers prepare for another Autumn Statement, they and their clients hope to avoid the grip of more red tape Read More...
View article