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Margaret Hodge's family company pays just 0.01pc tax on £2.1bn of business generated in the UK

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Margaret Hodge's family company pays just 0.01pc tax on £2.1bn of business generated in the UK

Post by sharonl on 07.08.13 7:12


Margaret Hodge's family company pays just 0.01pc tax on £2.1bn of business generated in the UK

Margaret Hodge, chairman of the Public Accounts Committee, is facing embarrassing revelations over the tax affairs of her family company just days before she is due to lead the grilling of US companies over controversial tax arrangements.





Margaret Hodge says 'we are spending much of our time in recess'.

Margaret Hodge, chair of the Public Accounts Committee, faces potential embarrassment over the tax affairs of her family business Stemcor Photo: DANIEL JONES


Helia Ebrahimi

By Helia Ebrahimi, Senior City Correspondent and Harry Wilson

8:06PM GMT 09 Nov 2012


Comments1106 Comments


The Labour MP has been one of the fiercest critics of tax avoidance by companies such as Starbucks, Google and Amazon. However, she is likely to face questions over the limited tax paid by Stemcor, the steel trading company in which she owns shares and which was founded by her father and is run by her brother.


Analysis of Stemcor’s latest accounts show that the business paid tax of just £163,000 on revenues of more than £2.1bn in 2011. However. it is not known whether the company – which made profits of £65m – used similar controversial tax avoidance measures criticised in the past by Mrs Hodge.


Stemcor’s tax bill to the exchequer equates to just 0.01pc of the revenues it booked through its UK-based business. In accounts filed with Companies House, Stemcor revealed that despite generating about one third of its revenues in Britain, 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.


Today, 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.

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Re: Margaret Hodge's family company pays just 0.01pc tax on £2.1bn of business generated in the UK

Post by PeterMac on 07.08.13 9:10

Is this not how families have made themselves rich over the centuries ?

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Re: Margaret Hodge's family company pays just 0.01pc tax on £2.1bn of business generated in the UK

Post by sharonl on 07.08.13 12:00

Meet the Deputy Chairman

Oh, we already have done!! - another one that fits in nicely with the McCann group of supporters





Philip Edmonds, BA (50) Deputy Chairman Philip joined the Group in 1989 and was initially responsible for Group treasury. From 1992 to 1994 he managed the Stemcor office in Johannesburg. In 1994 he returned to London as a director of Stemcor UK Limited and was managing director of that company from 1995 until 1999. In 1999 he was appointed Group commercial director. In addition to his involvement in the German and Italian distribution businesses, as well as line responsibility for South Africa and Australasia, he has overall responsibility for the Group’s financial services business, derivatives trading, projects & investments and logistics. He is a past chairman of the International Steel Trade Association. He was appointed a director of Stemcor in 1995 and deputy chairman in 2005

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Re: Margaret Hodge's family company pays just 0.01pc tax on £2.1bn of business generated in the UK

Post by jozi on 07.08.13 12:23

@sharonl wrote:Meet the Deputy Chairman

Oh, we already have done!! - another one that fits in nicely with the McCann group of supporters





Philip Edmonds, BA (50) Deputy Chairman Philip joined the Group in 1989 and was initially responsible for Group treasury. From 1992 to 1994 he managed the Stemcor office in Johannesburg. In 1994 he returned to London as a director of Stemcor UK Limited and was managing director of that company from 1995 until 1999. In 1999 he was appointed Group commercial director. In addition to his involvement in the German and Italian distribution businesses, as well as line responsibility for South Africa and Australasia, he has overall responsibility for the Group’s financial services business, derivatives trading, projects & investments and logistics. He is a past chairman of the International Steel Trade Association. He was appointed a director of Stemcor in 1995 and deputy chairman in 2005

Oh Lordi and he just happened to be on holiday in Portugal at the same resort as........as if this guy would go to that resort on holiday, are they mad !!!

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Re: Margaret Hodge's family company pays just 0.01pc tax on £2.1bn of business generated in the UK

Post by tigger on 07.08.13 21:10

@jozi wrote:
@sharonl wrote:Meet the Deputy Chairman

Oh, we already have done!! - another one that fits in nicely with the McCann group of supporters





Philip Edmonds, BA (50) Deputy Chairman Philip joined the Group in 1989 and was initially responsible for Group treasury. From 1992 to 1994 he managed the Stemcor office in Johannesburg. In 1994 he returned to London as a director of Stemcor UK Limited and was managing director of that company from 1995 until 1999. In 1999 he was appointed Group commercial director. In addition to his involvement in the German and Italian distribution businesses, as well as line responsibility for South Africa and Australasia, he has overall responsibility for the Group’s financial services business, derivatives trading, projects & investments and logistics. He is a past chairman of the International Steel Trade Association. He was appointed a director of Stemcor in 1995 and deputy chairman in 2005

Oh Lordi and he just happened to be on holiday in Portugal at the same resort as........as if this guy would go to that resort on holiday, are they mad !!!
Yes quite, Butlins on Sea in the Algarve. It would be interesting  to know if there are more luxurious hotels nearby.

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Re: Margaret Hodge's family company pays just 0.01pc tax on £2.1bn of business generated in the UK

Post by jozi on 08.08.13 9:49

@tigger wrote:
@jozi wrote:
@sharonl wrote:Meet the Deputy Chairman

Oh, we already have done!! - another one that fits in nicely with the McCann group of supporters





Philip Edmonds, BA (50) Deputy Chairman Philip joined the Group in 1989 and was initially responsible for Group treasury. From 1992 to 1994 he managed the Stemcor office in Johannesburg. In 1994 he returned to London as a director of Stemcor UK Limited and was managing director of that company from 1995 until 1999. In 1999 he was appointed Group commercial director. In addition to his involvement in the German and Italian distribution businesses, as well as line responsibility for South Africa and Australasia, he has overall responsibility for the Group’s financial services business, derivatives trading, projects & investments and logistics. He is a past chairman of the International Steel Trade Association. He was appointed a director of Stemcor in 1995 and deputy chairman in 2005

Oh Lordi and he just happened to be on holiday in Portugal at the same resort as........as if this guy would go to that resort on holiday, are they mad !!!
Yes quite, Butlins on Sea in the Algarve. It would be interesting  to know if there are more luxurious hotels nearby.

Even if there were luxurious hotels, how would he get into the tapas bar/ restaurant ? Can any one visit the tapas or is it for patrons and guests of the Mark Warner resort only ?
I can't see him wining and dining in the Tapas somehow !!!

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