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Thursday, June 6, 2013

Top Labour donor's share gift avoided £1.5m tax

The Labour Party avoided paying hundreds of thousands of pounds in tax from one of its biggest donors, it was claimed.

John Mills said he gave the Party £1.65 million in shares rather than cash because it reduced the proportion that would have to be paid in tax. He described it as “tax efficient”.

He explained in an interview with The Daily Telegraph, which claimed the donation has avoided up to £1.5 million this year, that the idea for it to be made in shares from his shopping channel company JMI, came during discussions with Labour.