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Dear God, even the Telegraph Can’t understand Corporate Tax

DO newspapers understand tax? No. We sorta expect this sort of thing from the Guardian or the Mirror. Not just whipping up people into paroxysms of rage about companies not paying their tax but not actually understanding what’s going on in the first place.

Now we appear to have the Telegraph again, not just whipping people up, but actually not understanding what in buggery’s going on at all.

Barclays stockpiles ‘losses’ to soften tax obligations
Barclays has amassed a war chest of “losses” to offset against future tax payments that can almost rival those at the crippled state-backed banks, despite remaining strongly profitable.

Yep, if you make a loss you can carry that loss forward to when you make a profit and set it off against that profit. Obviously.

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Posted: 2nd, January 2012 | In: Key Posts, Money | Comment