By Sandra Murphy and Mark Duell PUBLISHED: 04:36 EST, 19 August 2013 | UPDATED: 10:43 EST, 19 August 2013 Vodafone has made a multi-million pound settlement with HM Revenue & Customs in the wake of a dispute over the tax it had paid in Britain, it emerged last night. The information was revealed after it was reported that the company ran an Irish subsidiary from a satellite office in Dublin for tax purposes. Employing no staff for five years, the telecoms giant took advantage of Ireland’s generous corporate tax rate to record a £324million annual turnover collecting royalty payments for the use of its brand.
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Vodafone took advantage of the generous corporate tax rate in Ireland
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Had £324m annual turnover collecting royalty payments for brand use
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Its Irish subsidiary in Dublin employed no staff between 2002 and 2007
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The company made huge settlement in England in wake of tax dispute
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The website reported that Vodafone moved senior marketing managers to Dublin to protect global royalty revenues from UK taxation, and trigger a lower @placeholder corporation tax bill from 25 per cent to 12.5 per cent of profits.
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A spokesman for HMRC refused to confirm whether any settlement over Vodafone’s @placeholder tax affairs had been made, saying it was prevented by law from discussing the affairs of individual taxpayers.
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'In 2001, @placeholder was identified as a location for this
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environment in Ireland at that time and Vodafone began to use a @placeholder-based