As anyone on the pro Corbyn left can attest, Margaret Hodge has many skeletons in her closet. One of the most horrendous? Hypocritical Hodge has in the past gained much attention for criticising companies for Tax avoidance – despite the tiny tax margin paid by Stemcor, the steel trading company in which she owns shares.
Stemcor was founded by her father and is run by her brother.
This is why she hates Corbyn & is desperate to stop him becoming PM – he’s going to make her family business pay their taxes. Stemcor paid just £163,000 in tax on more than £2.1bn in 2011. Stemcor made profits of £65m – using the exact controversial tax avoidance measures criticised in the past by? Margaret Hodge.
This means Hodge’s family business paid just 0.01% tax on the revenues it registered in the UK.
Stemcor’s filings with Companies house that they generates over 30% of its revenues in Britain. Despite this, its UK tax contribution made up only 2.7pc of the tax the company paid globally.
Stemcor was founded by Mrs Hodge’s father Hans Oppenheimer more than 60 years ago.
The business claims to be the sixth largest private UK company by turnover. Last year the company, which employs 2,000 people in 45 countries, generated sales of £6bn from trading about 20m tonnes of steel.