I was not surprised to learn that Margaret Hodge MP is a horrifically hypocritical tax dodger, as I may or may not have told Michael Crick.
By looking at company accounts for Stemcor Holdings Ltd, I realised that there was something significantly wrong with the level of tax being paid by the company in the UK. As a level of turnover (the most accurate gauge of taxable profits as acknowledged by all us tax experts), the company paid about 0.01% per cent.
Now, we learn that Margaret Hodge is calling in executives from Google and Starbucks on Monday to compare notes on their respective companies’ tax avoidance strategies. Hodge will undoubtedly be asking questions such as “do you think that as a percentage of turnover, the company pays a morally acceptable level of corporation tax? If not, how much less do you think we can get away with?”
Hodge is thought to be quite interested in showing up the Yanks by detailing how her own company has avoided such a significant levels of tax without the excuse of having intellectual property rights naturally existing overseas.
In anticipation of the main event on Monday, Richard Bacon MP has allegedly leaked the news that he will ask Hodge what steel should smell like, and whether it is a nice smell.
Hodge is thought to have rejected answering the question with the response “the fumes from the steel industry are actually quite toxic. I assumed nobody would want to sniff them.”