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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



DAY BEFORE YESTERDAY, USA:
American classic clothing brand Brooks Brothers with 200 years of history will be sold to a group of investors.
DAY BEFORE YESTERDAY, USA:
As early as August 20, AMC network plans to reopen the doors of more than 100 cinemas for viewers after quarantine.
Aug 12, 2020, United Kingdom:
Superdry's turnover fell by almost 25% and the company's management had to turn to banks for a multi-million dollar loan.
Aug 11, 2020, Japan:
The Japanese division of the company has decided to allow visitors not only to drink a cup of coffee but also to work with comfort.
Aug 11, 2020, USA:
McDonald's Corporation has initiated legal proceedings against the former head of the company, Steve Easterbrook.
Aug 10, 2020, Belgium:
A funny case took place in an IKEA hypermarket in Belgium, where the husband and wife pretended not to know each other.
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Dania Pointe GLA:975 000 SF
ADDRESS: 292-344 North Bryan Road, Dania Beach, FL 33004
USA . Fort Lauderdale
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Mall of Tripla GLA:914 932 SF
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Finland . Helsinki
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Aviapark GLA:2 475 699 SF
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Russia . Moscow region
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ADDRESS: Hanauer Straße 68, 80993
Germany . Munich
Olympia Einkaufszentrum


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