spotCampaigns

spotOrganisations

spotArguments for socialism

spotPeople

spotInternational

spotEvents

spotAround the UK


All keywords


All Arguments for socialism subcategories:

Arguments for socialism

* Capitalism

Globalisation Anticapitalism

Marxism


Capitalism keywords:

1929 (4)

Asset-stripping (9)

Austerity (1351)

Bankers (116)

Banking crisis (15)

Bear Stearns (3)

Blairite (27)

Bonuses (62)

Bourgeois (4)

Brexit (228)

British economy (20)

British politics (10)

Budget (379)

Capitalism (1073)

Capitalist (774)

Carry trade (1)

Coalition government (28)

Competition (32)

Credit crunch (20)

Debt (233)

Depression (24)

Economic crisis (105)

Economy (490)

Enron (2)

Euro (44)

Famine (2)

Great Depression (9)

Hedge funds (10)

Import controls (1)

Inflation (42)

Interest rates (28)

Jpmorgan (1)

Keynesian (8)

Keynesianism (4)

Lisbon Treaty (10)

Marriage (9)

Mortgages (21)

Northern Rock (34)

Oil (296)

Oppression (72)

Populism (8)

Private equity (11)

Profit (130)

Profit system (33)

Recession (128)

Rich (270)

Shares (20)

Shell (9)

Short-selling (2)

Social class (3)

Software (3)

Stock market (11)

Stock market crash (3)

Sub-prime (12)

Sub-prime market (2)

Subprime (10)

Tax (621)

Technology (35)

Universal Credit (65)

Wealth (87)

Wealth gap (15)

World economy (60)

capitalist crisis (39)

capitalist system (43)

Tax


Highlight keywords  |Print this articlePrint this article
From: The Socialist issue 1068, 8 January 2020: Climate change. Poverty. War. Capitalism must go - fight for socialism

Search site for keywords: Shell - Tax - Oil - Energy

Shell pays 0 corporation tax, and plans huge hike in fossil output

Shell, photo CEphoto, Uwe Aranas/CC

Shell, photo CEphoto, Uwe Aranas/CC   (Click to enlarge)

Michael Johnson, Leeds Socialist Party

Faced with increasing scrutiny worldwide, oil giant Shell has revealed it paid no UK corporation tax in 2018. This is despite Shell also earning nearly 557 million in pre-tax profits in the UK over that year, with global pre-tax profits being $35.6 billion.

This has come about due to Shell receiving huge tax refunds for decommissioning its North Sea oil platforms. To help balance the expenses of plugging and abandoning their (highly profitable) oil wells and removing their equipment, the government lets energy companies deduct costs from their taxable profits or claim back tax they had previously paid!

Shell also reported that more than two-fifths of its profits in the UK come from joint ventures overseas, and so claims to have paid tax on these in other countries. The firm's tax arrangements including dodging taxes via offshore trusts, and even moving its headquarters from London to The Hague, where it has also failed to pay corporation tax.

And despite claims that Shell would be using its profits to invest in becoming world's biggest clean energy company, this has failed to materialise. Instead, Shell plans to increase its fossil fuel output by 38% this decade, according to analysts at Rystad Energy!

Past Tory governments have promised to 'get tough' on tax avoidance, but unsurprisingly this hasn't been delivered. Instead, despite massive profits, it has fallen on the general public to cover the costs of decommissioning.

The National Audit Office has warned this could cost taxpayers 24 billion as reserves in the North Sea run dry. Indeed, Stuart McWilliam, campaign manager at Global Witness, said "the fact that Shell and other major oil companies are regularly getting huge tax rebates, despite making vast profits, is a feature that is now baked into the UK oil and gas tax system."

So profiteers like Shell use up natural resources, pollute the planet, make massive money gains, then stick us with the bill - all while refusing to pay any tax! We need nationalisation.

All of the oil and energy companies should be brought into public ownership. They should be run under democratic workers' control and management, as part of a socialist plan of green energy production. Only then we could guarantee an efficient, affordable, ecological service.

Donate to the Socialist Party

Coronavirus crisis - Finance appeal

The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.

The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.

  • The Socialist Party's material is more vital than ever, so we can continue to report from workers who are fighting for better health and safety measures, against layoffs, for adequate staffing levels, etc.
  • Our 'fighting coronavirus workers' charter', outlines a programme to combat the virus and protect workers' living conditions.
  • When the health crisis subsides, we must be ready for the stormy events ahead and the need to arm workers' movements with a socialist programme - one which puts the health and needs of humanity before the profits of a few.
Inevitably, during the crisis we have not been able to sell the Socialist and raise funds in the ways we normally would.
We therefore urgently appeal to all our viewers to donate to our special coronavirus appeal.

Please donate here.

All payments are made through a secure server.

My donation

 

Your message: 

 







Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

LATEST POSTS

CONTACT US

Phone our national office on 020 8988 8777

Email: info@socialistparty.org.uk

Locate your nearest Socialist Party branch Text your name and postcode to 07761 818 206

Regional Socialist Party organisers:

Eastern: 079 8202 1969

East Mids: 077 3797 8057

London: 075 4018 9052

North East: 078 4114 4890

North West 079 5437 6096

South West: 077 5979 6478

Southern: 078 3368 1910

Wales: 079 3539 1947

West Mids: 024 7655 5620

Yorkshire: 077 0671 0041

ABOUT US

ARCHIVE

Alphabetical listing


September 2020

August 2020

July 2020

June 2020

May 2020

April 2020

March 2020

February 2020

January 2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999