Jul.25 (GMM) A clever tax arrangement sees formula one pay a tiny amount of tax, it has emerged.
Writing in The Independent, leading F1 business journalist Christian Sylt said the sport paid less than $1.5 million in tax in 2011, despite making a profit of almost half a billion dollars.Sylt said the low tax bill was achieved due to a complex web of loans within the Bernie Ecclestone-headed empire.Sun journalist Ben Hunt quoted British tax office Her Majesty's Revenue and Customs as saying: "We do not discuss individual businesses."The formula one teams association FOTA also declined to comment.
comments powered by Disqus
If you are using Internet Explorer, make sure you set your document mode to IE 8 (Alt+8) or via F12 to see and add comments