View the article online at http://citywire.co.uk/money/article/a876716
Scottish Mortgage: Google should pay 'much more' tax
Scottish Mortgage manager James Anderson, one of Google's biggest UK shareholders, has called for the company to pay more tax.
James Anderson, manager of the top-performing Scottish Mortgage (SMT ) investment trust, has said that Google should pay 'much more' tax following the backlash over the company's £130 million deal with the government.
Chancellor George Osborne initially hailed the deal as a ‘major success’ but it has since been criticised by other MPs who have questioned why the figure was so low.
Anderson is among the biggest UK shareholders in Google parent company Alphabet (GOOGL.O), which is one of the top 10 holdings for the UK's biggest investment trust.
He told the Times US technology companies should campaign for a 'reasonable' rate of global profit tax of between 15% and 30%, much higher than the 3% critics have claimed Google is effectively paying.
'My take remains that it is in the long-term interests of Google and others of that ilk to pay decent rates of tax and that they and others would be best served in taking the lead in volunteering this,' he said.
'They are beneficiaries of state spending at many levels and in return they would get respect.’
Scottish Mortgage also holds Amazon (AMZN.O), Facebook (FB.O) and Apple (AAPL.O) among its top 10 holdings.
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by Michelle McGagh on Sep 27, 2016 at 12:00