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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



TODAY, Australia:
The latest of Melbourne’s big suburban shopping centers unveiled its major overhaul.
YESTERDAY, United Kingdom:
The store in St David’s shopping centre has a new look and dedicated Sports entrance.
DAY BEFORE YESTERDAY, India:
The retail sector has been boosted by an upward trend in mall space leasing that was up by 55% in 2017.
Oct 17, 2017, Switzerland:
The official opening of the Mall of Switzerland scheduled for November 8, 2017.
Oct 16, 2017, USA:
Simon is launching scalable, turnkey retail platform The Edit at Roosevelt Field Mall on Long Island.
Oct 13, 2017, USA:
Luxury handbag and accessories brand Coach has announced its rebranding as Tapestry.
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