The companies eating up the publicly-funded NHS are unlikely to ever give anything back in tax, it has emerged today.
Analysis by Richard Murphy, a chartered accountant at Tax Research UK, found that Virgin Care Ltd, which has been quietly eating up large chunks of the NHS, is “unlikely to pay any tax in the UK in the foreseeable future”.
That’s because Virgin Care and its parent company Virgin Group is made up of 13 holding companies, some of them offshore, based in the tax haven of the British Virgin Islands.
It is the type of company structure that largely avoids tax liabilities, despite profiting heavily from income generated in the UK.
The Group, which whose principle beneficiary is Sir Richard Branson, is reported to have a net worth of £2.7 billion.
Last year Virgin Care won a £700 million contract to run 200 NHS and social care services to more than 200,000 people in Bath and north-east Somerset.
In March the company sued the National Health Service after the healthcare group lost out on a contract to provide children’s services in Surrey.
RELATED
Virgin release Traingate footage that proves Corbyn told the truth about Traingate
Jeremy Hunt’s new health worker app “brings gig economy to NHS’
Virgin Care Takes Over Sheppey and Sittingbourne Hospitals
Public sector workers “at breaking point” as inflation hits 3%
Since you are here
Since you are here, we wanted to ask for your help.
Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.
Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.
If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.
To donate or subscribe to The London Economic, click here.
The TLE shop is also now open, with all profits going to supporting our work.
The shop can be found here.
You can also SUBSCRIBE TO OUR NEWSLETTER .
