May. 16th, 2011

Channel 4 news just really annoyed me with a piece on Boots - paying little tax on a large operating profit.

But they paid lots of interest, and deducted this for tax. Now in this case the interest is a cost of the acquisition, which I am less sympathetic with. But most interest is a legitimate business expense - you needed money to make something, you borrowed it, the cost reduces your profits (but notably increases someone else's - the lenders). This it seems to me is a legitimate tax deductible expense, in the same way that rent is a deductible expense.

The whole article seemed to me to show a lamentable lack of business knowledge. It makes me ashamed to call myself left wing to see such ignorant comment calling itself reporting.

I find such obvious bias undermines everything it has to say.

And then they followed it up with a bit on Puma, who, very commendably, started to publish an environmental impact assessment of the whole supply chain. C4's response - isn't your whole business damaging the environment by encouraging consumerism?

I find it hard to counter the right's argument of bias in the broadcast media with this to defend. Leave such blatant bias for Fox news - C4 news should be above this!

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October 2011

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