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Olympic shopping mall shows profit of £40m – Pays £211k Tax



A 2012 Olympic shopping mall that benefited from £200m of taxpayers’ money has paid 0.5% in corporate tax on the huge profit it made.
Westfield, the owners, has been accused of using aggressive, but legal, tax avoidance methods to move almost £60m to offshore tax havens during 2012, The Mirror says.


The boss of the UK branch of Westfield, Michael Gutman, is one of the elite who donate in excess of £50,000 a year to the Tories. Since 2012, the Australian group has donated £201,270 to the Conservative Party.

An Australian union, United Voice, has reviewed the accounts for the Stratford City mall. The mall is owned jointly by Westfield and pension funds from Holland and Canada. It reported that in 2012, £60.1m was moved to companies based in Delaware, Guernsey and Jersey where UK tax is not applicable.

A Westfield spokesperson has accused the United Voice of trying to cause the company embarrassment.

Tax Research’s Richard Murphy has stated the difficulty to discern which of Westfield’s companies actually pay UK tax, on what income, and which of its offshore operations should pay UK tax.


More about shopping malls in the United Kingdom



Nov 13, 2019, USA:
Starbucks Reserve Roastery Chicago will cover an impressive area of 35,000 square feet.
Nov 12, 2019, Spain:
Three operators were signed for an ambitious €800m project intu Costa del Sol in the south of Spain.
Nov 8, 2019, USA:
Art Peck resigns as CEO of Gap Inc., closing another chapter in the complicated history of the once-legendary retailer.
Oct 31, 2019, USA:
Fashionable search platform Lyst has published a rating of the most popular fashion brands in the world market in the third quarter of 2019.
Oct 28, 2019, USA:
The total area of the mall is about 2 million square meters, more than half of which will be occupied by entertainment operators.
Oct 28, 2019, France:
Candidates for prestigious awards include Intu Costa del Sol (Spain), Central Phuket (Thailand) and FICO Eataly World (Italy).
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Olympia Einkaufszentrum GLA:602 779 SF
ADDRESS: Hanauer Straße 68, 80993
Germany . Munich
Olympia Einkaufszentrum
Optimum Outlet GLA:421 127 SF
ADDRESS: ve Eglence Merkezi | Istiklal Sokak No.2/B Yenisahra/Atasehir
Turkey . Istanbul
Optimum Outlet
FAN Mallorca Shopping GLA:592 015 SF
ADDRESS: C/ Cardenal Rossel, S/N. 07007 Palma de Mallorca
Spain . Palma
FAN Mallorca Shopping
Viaport Outlet GLA:748 092 SF
ADDRESS: Yenisehir Mah. Dedepasa Cad. No:19 Via Port - Pendik
Turkey . Istanbul
Viaport Outlet


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