Local Weather

Overcast

Overcast

max temp: 15°C

min temp: 15°C

Five-day forecast

An MP who heads a parliamentary spending watchdog defended herself yesterday after it emerged a company she has shares in paid just 0.25 per cent in UK tax.

To send a link to this page to a friend, you must be logged in.

Margaret Hodge stood by the steel trading company that her father founded, Stemcor, which paid £157,000 in UK levies on global profits of £65million last year.

The chairman of the Commons public accounts committee spoke out on the day she quizzed multi-national companies like Starbucks about tax avoidance.

The Labour MP for Barking said: “My committee has been doing a lot of high-profile work on tax avoidance recently so it’s only natural that people should ask these questions.

“All I can say to you is that I condemn tax avoidance of any kind by anyone. I have always believed that the rich, whether individuals or corporations, should pay their fair share of tax.

“I have been repeatedly assured that my family’s company does not engage in tax avoidance of any kind.

“If it were to be proved otherwise, I would have been misled. I would feel extremely angry and let down.

“But I simply cannot believe that they would mislead me in that way, so I am confident that they are doing the right thing.”

She spoke in defence of Stemcor after a national newspaper questioned her holdings in the steel company launched by her father Hans Oppenheimer, and which is now run by her brother Ralph Oppenheimer.

Stemcor confirmed it had “reduced” tax payments of £157,000 last year because it made a loss in the UK.

But the trading company insisted it complied with international tax regulations and stressed it had paid £27m in UK corporation tax in the last five years, which is equivalent to a third of its UK profits.

A spokesman said: “Last year we made £65m pre-tax global profit on £6.3billion global turnover. However, the profits were made outside the UK and the majority of those profits have been taxed at a higher rate in those countries than the current UK corporation tax rate.

“In the UK, we incurred a loss in 2011 due to difficult trading conditions, which squeezed margins and reduced our tax payments compared to prior years. As required by tax rules, Stemcor pays tax where profits are made.”

Share this article

0 comments

Crime & Court

Abunei admitted the charge (pic: PA Wire)

Jailed Dagenham cashpoint fraudster stole ‘to get home to Romania’

A kick-boxing dad used an iPod to steal people’s details at cashpoints up and down the country because he needed money to go back to Romania, a court heard.

Read full story »

Business

Barking MP Margaret Hodge

Margaret Hodge to address Barking and Dagenham Chamber of Commerce

The borough’s businesses will enjoy a private audience with the women keeping the government’s finances in check this morning.

Read full story »

Politics

Cabinet member met at Barking Town Hall (photo: Arnaud Stephenson)

Cabinet: Barking and Dagenham transport aspirations revealed

Major long-term plans for Barking and Dagenham’s transport future were outlined by members at tonight’s Cabinet meeting.

Read full story »

Heritage

Fine artist Biniam Ghide, from Dagenham, worked on the project.

From Hitler to Gandhi: An arty history of Becontree

The rich history of the Becontree estate has been depicted in a colourful new mural, set to be unveiled at Valence House on Saturday.

Read full story »

More news

Click here to read the Digital Edition of the Barking & Dagenham Post on screen
Use our Wedding site to help you plan your big day!
At WeddingSite we know how much you have to organise for your wedding day, that's why we have designed a set of FREE, simple-to-use tools to make the planning process easy & hassle-free. FIND OUT MORE
Find a date using our online dating and friend finder
You can meet new friends, find romance or simply meet up online with people sharing similar interests and hobbies. FIND OUT MORE
Find a local business using our online directory search
Need a plumber? Or a florist? Or anything else? Search our business directory to find Barking businesses in just a few seconds. FIND OUT MORE
Family notices from the Barking & Dagenham Post, with readers' tributes
In memoriam, birthdays, weddings, anniversaries, best wishes & special days. FIND OUT MORE

Around the Web See all