As Brits struggle with increasing energy bills the news that a leading energy provider in the U.K. is racking up millions tax dodging will not be well received. A week ago it was widely reported that NPower had denied allegations of tax avoidance but now the cat is out of the bag.. We were alerted to the news by way of an email from 38 Degrees, a fairly new and impressive petition service.
The email said, "Npower have been rumbled! Over the past few days a top tax expert has been investigating their accounts. Today the results of that investigation – paid for by donations from 38 Degrees members – are splashed across the Sun newspaper.
The investigation reveals the likely explanation for why Npower aren’t paying any corporation tax - and surprise surprise, it’s not something you’ll see mentioned in any of their publicity. It seems they’re funneling profits made in the UK through a shell company in Malta. Why, you ask? Well, it looks like it helped them dodge a whopping £60 million in tax over the last four years!
We’ve got them. Other tax dodging companies have backed down under the glare of publicity. Today’s newspaper coverage is a great start. Can you add to the pressure by helping prove to Npower that the public expect them to pay their fair share of tax?"
As the Sun reports "More than half of the firm’s funding comes from German owner RWE via loans paid through a shell company based in the Mediterranean tax haven. Npower then pays back annual interest on the loans to the Maltese company — called Scaris. A great legal scam we guess.
What a farce. Time for the UK government to get their act in order. Time for energy providers to come clean. Time for them to cut energy bills. Time for the nonsense to stop. Time to switch provider? Time to re-nationalise and put the British back in energy?
UK considers Big Brother white goods due to energy crisis