Tuesday, April 30, 2013

Energy giant npower has dodged paying up to £108 million tax in the past four years — by funnelling cash to Malta...

ENERGY giant npower has dodged paying up to £108 million in UK corporation tax in the past four years — by funnelling cash to Malta.

More than half of the firm’s funding comes from German owner RWE via loans paid through a shell company based in the Mediterranean tax haven, The Sun can reveal.

Npower then pays back annual interest on the loans to the Maltese company — called Scaris.

The arrangement means the UK gas and electricity supplier can post a loss here, and avoid corporation tax.

Last night experts likened npower to the US coffee chain Starbucks, which dodged UK tax using similar sister firms. Full story...

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  3. Apple hides almost $1bn a week from US tax man...
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