By Mikey Mathieson • 14 October 2020 • 10:11
Asda Owners come under fire after deciding to relocate the ownership of the company to another parent company in Jersey.
The billionaire brothers, Mohsin and Zuber Issa, who were both made CBEs in the Queens Birthday Honours List, bought the giant company for seven billion pounds, would benefit greatly from the move.
Their proposed move to Jersey would mean that they would pay zero corporate tax in the UK, would be exempt from publicly disclosing their accounts, and would pay no capital gains tax if they decided to sell the company.
The controversial move could come under scrutiny by the public after Jersey was reported by the Tax Justice Network of being one of the worlds worst tax havens.
Margaret Hodge, Labour MP for Barking, who is also the former chairman of the public accounts committee said, “Why on earth would the parent company of Asda choose not to be incorporated in the UK?”
“The answer must be that there is a lax regulatory approach in Jersey which, at best, facilitates tax avoidance.”
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