Reports indicating that Stemcor, company founded by Margaret Hodge's father and run by her brother (Ralph Oppenheimer), paid barely 0.01% of the revenues generated via its UK-based business are now in the public domain. Margaret Hodge, who is a Stemcor shareholder, has harshly criticized companies accused of tax avoidance.
The same reports indicate that Stemcor paid just 163,000 pound on revenues of more than 2.1 billion pound in 2011. As Chairman of the Public Accounts Committee, Margaret Hodge MP should make a public statement regarding the said reports that accuse Stemcor of major tax avoidance practices.
Margaret Hodge was quoted as saying: “There is a growing anger among ordinary people who pay their taxes that the system is not fair. That big corporates and the rich find ways to avoid tax. It may be legal but it is not moral.”