When you have already spent half a million pounds on rent, £300,000 on furniture and £2.3m paying your staff, an extra £8m on unexplained “administrative expenses” might seem to be stretching credulity, but that is what Tony Blair has told Her Majesty's Revenue and Customs, which as a consequence has received a rather smaller cheque from the former Prime Minister than it might have expected.
Records sent to Companies House reveal a substantial leap in Tony Blair's income in the year ending March 2011, but such a rise has not been passed on to the taxman. One of his many companies and partnerships, Windrush Ventures, declared a turnover of £12m, up from £8.5m the year before. But Mr Blair's accounts claim that just over £1m of this is profit, the rest written off as "administrative expenses", with no further explanation given for some £7.74m of the total. With the corporate tax rate at 28 per cent, this left Mr Blair with a tax liability of only £315,000.
Read more here: http://www.independent.co.uk/news/uk/politics/blairs-company-paid-just-315000-tax-on-income-of-more-than-12m-6287001.html
