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Sunday Papers: Google and Amazon face tax attack

And Centrica is weighing a return of up to £500 million cash to its shareholders early next year.

Sunday Papers: Google and Amazon face tax attack

Top stories

  • The Sunday Telegraph: The Government is to explore an internationally co-ordinated new tax designed specifically to capture the earnings of internet giants including Amazon and Google.
  • The Sunday Telegraph: Centrica is weighing a return of up to £500 million cash to its shareholders early next year.
  • The Sunday Telegraph: Mark Carney, the new Governor of the Bank of England, criticised the remuneration "windfall" enjoyed by bankers and supported plans to pay them in bonds, suggesting tougher regulations could be financed by cutting "personnel" costs.
  • The Independent on Sunday: The Bank of England is poised to deliver the first verdict on its flagship Funding for Lending Scheme tomorrow, amid growing fears of an early flop.
  • The Independent on Sunday: David Ross, the colourful multimillionaire founder of Carphone Warehouse, is at the centre of a row over his 141-year-old family business, the marine supply company Cosalt; minority shareholders have accused him of attempting to take over the business on the cheap.

Business and economics

  • The Sunday Telegraph: Amazon is to launch an online premium fashion store in an attempt to challenge Net-A-Porter and Asos.
  • The Observer: David Cameron's plans to end housing benefit for under-25s look set to be omitted from George Osborne's autumn statement this week after a Lib Dem revolt against more draconian benefit cuts.
  • The Observer: Emma Harrison, founder of the welfare-to-work business A4e, has received a £1.375 million windfall this year, despite the firm's failure to meet the government's minimum target for placing long-term unemployed people in work.
  • The Independent on Sunday: The luxury handbag brand Mulberry has scrapped plans for new outlet shops to focus on opening full-price only stores as it moves even further upmarket.
  • The Sunday Telegraph: Lord Myners has hit back at criticisms over corporate governance concerns surrounding MegaFon, saying the London market should be careful not to develop an "arrogant stance" towards overseas listings.
  • The Independent on Sunday: George Osborne will be forced to rack up as much as £81 billion in extra borrowing in the years ahead and resort to the "dark arts" to meet his fiscal rules, experts have warned.
  • The Sunday Telegraph: Starbucks has opened negotiations with Her Majesty's Revenues and Customs to change its financial structures so that it starts paying tax in Britain.
  • The Sunday Telegraph: News Corp is next week expected to say that Robert Thomson, the managing editor of The Wall Street Journal, has been appointed to head its new publishing division.
  • Mail on Sunday: The Revenue is expected to be severely criticised by MPs tomorrow for letting multinational companies get away with paying far too little in corporation tax.
  • Mail on Sunday: Tens of thousands of mortgage borrowers with ING have been promised that their interest rates are to move in line with the Bank of England’s base rate; the pledge is from Barclays, which is buying ING’s British division.
  • The Observer: The government's Crossrail project is embroiled in a scandal over the blacklisting of construction workers after a senior manager on the rail link emerged as a regular user of the blacklist in a previous job.
  • The Sunday Telegraph: WPP, the world's largest advertising agency, looks set to return to British shores in January after four years domiciled in Ireland.
  • The Sunday Telegraph: Cuadrilla is poised to spearhead the creation of a new UK industry in shale gas extraction, its chief executive has said, as the company prepares to resume "fracking" in Lancashire.
  • Mail on Sunday: The scale of the discounting that has hit Britain’s retail sector will be laid bare this week when Tesco reports a drop in sales.
  • Mail on Sunday: Betting giant Betfred reported turnover up from £4.1 billion to £4.8 billion, while gross profits rose from £181 million to £194 million.

Share tips, comment and bids

  • The Sunday Telegraph: Britain's maritime industry received a boost this weekend after the Ministry of Defence handed £349 million of contracts to companies to maintain the Royal Navy's support ships.
  • The Sunday Telegraph: Plans to increase taxes on purchases of £2 million homes is stifling £250 million of investment from one the UK's leading housebuilders, according to the managing director of Berkeley Group.
  • The Sunday Telegraph (Comment): New housing taxes will deter key investments - Boris Johnson's trip to India this week clearly went down a storm. Somehow he managed to charm the lot, from cricket-lovers to movie-makers.
  • The Observer (Comment): The chancellor has lost his reputation as a strategist, but much more is at stake in the autumn statement as he tries to convince voters and the markets he can turn the economy around.
  • The Observer (Comment): The chancellor's vision of capitalism has failed. We need a new model to relieve consumers and business of fear and debt.
  • The Observer (Comment): Sir James Crosby, the former boss of HBOS, could get into a pickle when he faces the banking standards commission.
  • The Observer (Comment): The chancellor was once determined that Bank governors should serve eight years and have to apply for the job. Both these criteria have now been discarded for convenience.
  • Mail on Sunday (Midas share tip): Buy WYG Group
  • Mail on Sunday (Midas Update): Existing investors should hold Smiths News, while new investors wanting income could also pick up a few of shares.
  • Mail on Sunday (Comment): FSA's dirty deal lets Capita off the hook for its part in Arch Cru investment scandal. The regulator, no doubt, will claim that it was a ferocious guardian of investors' interests. Others would say it behaved like a poodle colluding in a stitch-up.
  • The Independent on Sunday (Comment): Can you combine private sector-driven growth with public sector-driven austerity? It is quite clear that we will have the latter at least for the rest of this decade, probably beyond it.

2 comments so far. Why not have your say?


Dec 02, 2012 at 15:28

Starbucks, Amazon, Google and other multinationals with microscopic tax bills. The British Government tends to deal with business in a gentlemanly fashion. Perhaps it is time to start playing the Obama way. In the USA politicians making populist comments about public responsibility, newspapers and TV stations running the story with a xenophobic slant, public vilification of foreign companies, and boycotts have managed to squeeze billions out of BP and the Banks. Talking a bit tougher could result in George Osborne receiving some "voluntary" back-tax payments to reduce budget shortfalls.

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Dec 04, 2012 at 09:27

The US imposes income tax on US individual's world wide income. The UK needs to determine UK corporation tax due on UK earnings and apply that, then let the corporation offset that against their US liability. simple!! And just as HMRC can estimate an individul's liability in the absense of proof, then so be it for these large multinationals if they fail to play fiar!!

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