How gemusing, I see that the Labour Party has helped John Mills, its biggest financial backer, avoid tax worth up to £1.5M on its largest donation so far this year.
As per the Telegraph Mills gave the party shares in his shopping channel company, JML, valued at £1.65 million in January. Mills said that the donation was made in shares rather than cash so the tax on the deal would be significantly reduced.
Describing the donation as “tax efficient”, he said the form of the donation
was agreed with figures in Labour’s fund-raising team.
Mills said that if he had given £1.65 million from his own income he would
have had to pay nearly half of that sum to the taxman.
Tax does have to be taxing.
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