Despite their anger, however, Arcadia has paid significant sums in corporation tax. But some of Arcadia's glamour has waned in recent years. Critics say that Sir Philip, reportedly averse to electronic gadgets, has not embraced online shopping as aggressively as competitors such as Asos or Boohoo. Questions were asked following the sale over just how much money Sir Philip had taken out of the company in the years before. At the time, Angela Eagle, the former shadow business secretary, said: "In this situation, it appears this owner extracted hundreds of millions of pounds from the business and walked away to his favourite tax haven, leaving the Pension Protection Scheme to pick up the bill.
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Please include your name, age and location with any submission. Topshop owner Arcadia on brink of collapse. Sir Philip Green 'has no intention' to watch Greed film.
BBC Radio 4: Profile. Marks and Spencer. This video can not be played To play this video you need to enable JavaScript in your browser. The result was obvious. The Arcadia Group parent company, Taveta Investments Limited showed a broadly similar consolidated position. Now, I'm not for one minute suggesting wrong doing here. But my reading of the Companies Acts says dividends can only be paid out of accumulated realised profits, and my practical interpretation of this has always been that if a dividend leaves the profit and loss account overdrawn you do, at least in theory, have a problem to deal with.
No doubt PWC who did not mention the issue in their audit of Taveta found good reason why this was not an issue, and I'm sure advice was taken from learned friends, so all is fine. But given that the Greens did not pay tax on this deal it looks rather more like a bit of sophisticated financial engineering to me than the UK's biggest corporate pay day. Oh, and as usual there is a Jersey dimension to this story. Taveta Investments Limited in the UK is owned by a company of the same name in Jersey just to confuse things and it is owned by two nominee companies that appear to own each other.
Which makes things as clear as mud when it comes to working out what's going on. Tweets by RichardJMurphy. Our Website uses cookies to improve your experience. Toggle navigation Home. One Response. October 13 at am. Richard Murphy Read more about me. Instead, they say the Chancellor George Osborne and his men should go after easier targets, like Sir Philip and other wealthy businessmen, who between them avoid paying billions of pounds worth of UK tax.
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Because she lives in Monaco, a tax haven, she was able to receive the dividend tax-free. Tax avoidance is legal, but given his prominence in the UK high street, the payment was seen as very controversial.
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