Earlier this week there was somewhat of a storm when Pitpass' business editor Christian Sylt revealed that F1's UK corporation tax payments in 2011 came to just £945,663 on pre-tax profits of £305.6m. As Pitpass pointed out yesterday, this actually says more about the UK's tax system than F1 itself. The reason for this is that the method F1 uses to minimise its tax bill is not only completely legal and legitimate but it is also approved by the UK authority H.M. Revenue & Customs. The method was put in place by F1's controlling shareholder CVC following its takeover of the sport in 2006 and it has contributed to its fortunes accelerating since then. However, it isn't the only...
Full Story »