Ritz MD Stephen Boxall hits back over Panorama corporation tax claims
Stephen Boxall, managing director of the Ritz has hit back at claims, expected to be made on a BBC Panorama programme this evening, that the hotel's owners the Barclay Brothers have paid no corporation tax on the business in 17 years.
Boxall said: "In response to claims in the media on Monday 17 December 2012, regarding non-payment of corporation tax, I reiterate a previous statement by our owning company that the Ritz is a reputable and law-abiding business and pays the taxes required by UK law.
"Since the Hotel was acquired in 1995, in excess of £50m has been spent on refurbishment, whilst maintaining the standards of excellence and quality. These costs are lawfully off-settable against trading profits. During the period since 1995, the Ritz has not paid dividends to its shareholders."
Panorama: The Tax Haven Twins will be screened tonight on BBC One at 8.30pm. The BBC's Panorama programme analysed the accounts of the hotel bought by the brothers in 1995.
Barclay brothers have paid no corporation tax on the Ritz for 17 years, reveals BBC's Panorama >>
By Neil Gerrard
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