Npower pays zero tax
It was revealed on April 16th that RWE Npower had not paid any corporation tax between 2009 and 2011 despite profits totalling £766 million for that period.
Npower made a profit of £390m across its retail and power generation business in 2012, up from £313m in 2011 – a 25 per cent increase. Last November, it raised its prices by 8.8 per cent for gas and 9.1 per cent for electricity.
But the company said its retail business had performed poorly, making a loss of £81m in 2009 and £128m in 2010. In 2011 it swung to a profit of £240m. It says it will release figures for 2012 later this year.
According to 38 degrees who are running a petition against Npower asking them to pay their fair share of tax: "they are turning UK operating profits into accounting and tax losses by making large "interest payments" to other parts of their own business, based overseas. This is currently legal - and in the longer term, we need to push the government to close this blatant loophole."
Sign the petition, which already has over 70,000 signatures, at https://secure.38degrees.org.uk/npower-tax
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