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Wednesday, January 07, 2015

Tony Blair's tax bill halves despite £1.2m profits

The Times has the news that the latest accounts of a company set up by Tony Blair to handle his business interests managed to halve its corporation tax bill to less than £300,000 despite generating turnover of £14 million:

The figures for Windrush Ventures showed that nearly £13 million was written off as “administrative expenses” and more than £5 million was held in cash by the firm.

It is believed that the expenses cover hotels and flights for his staff as well as for the former prime minister’s own travel, including his private jet, dubbed Blair Force One.

Windrush Ventures, which is among a network of companies set up by Mr Blair to manage his business affairs, reported a fall in profits from £2.8 million in 2013 to £1.2 million last year.

Turnover fell from £14.9 million in 2013 to £14.2 million.

The expenses claims allowed the company to offset its income and reduce his corporate tax bill from £693,000 in 2013 to £293,000 last year.

Mr Blair, the company’s sole shareholder, also benefited from a cut in Britain’s corporation tax rate. 

The paper adds that a statement on Tony Blair's website said: “Mr Blair is a UK taxpayer and pays full personal tax on all his earnings worldwide.”

That add that in December a spokesman for Mr Blair disclosed that the former prime minister’s “net worth is roughly equal to what he has given away”. Vanity Fair reported that since quitting Downing Street Mr Blair has given $15 million, or just under £10 million, to good causes.
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