Vince Cable – Philip Green of the Arcadia group should pay more tax. Newsnight, Monday 20th September 2010

Speakers: Vince Cable, Kirsty Wark

KW: In 2005 Sir Philip Green saved £300m on a £1.2bn dividend because Arcadia group is in the name of his wife, registered where she lives in Monaco. That is legitimate, nothing illegal about that, that’s exactly what you are talking about, you would rather that £300m was paid?

VC: Yes, I’d rather it was paid here and I have said that.

KW:Have you said to him?

VC:Yes.

KW:And therefore are you uncomfortable about the fact that he is advising David Cameron?

VC:Well it is a fact of life we are now living with .. I have expressed my views on his tax affairs and I really don’t need to elaborate. He is not doing anything illegal but I think people out there who make a very large income in the UK should be paying their tax here including him.

1 comment so far ↓

#1 David Morris on 09.23.10 at 2:45 pm

Wow – this story just doesn’t go away!

Basically, Vince Cable is saying he is uncomfortable with the fact that Sir Philip Green is doing something perfectly legal.

Exploiting tax loopholes may be morally wrong, but that’s all.

If UK tax laws are changed, I’m sure he will comply with them – just as he does now.

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