October 26, 2016

Royal warrant holder avoids tax bill for years

The jewels worn by the Queen to the state opening of parliament are looked after by a master craftsman from Mappin & Webb, whose parent company is based in Luxembourg

THE company that owns the Queen’s jeweller, Mappin & Webb, has not paid any corporation tax over the past five years on profits of more than £66m, The Sunday Times can reveal.

Mappin & Webb — owned by Aurum Holdings — is among a number of firms awarded royal warrants that are now foreign owned.

aAurum was bought by an American private equity firm in 2013. Its parent is now based in Luxembourg, renowned as the European Union’s tax avoidance hub.

An analysis of the company’s accounts by The Sunday Times reveals that it has not paid any corporation tax since 2010, although it has a “deferred” tax payment of £1.98m in its latest accounts. It confirmed this weekend that no corporation tax had been paid for five years because of investment in the business and “histori­cal losses”.

Related posts