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  1. While I appreciate these companies have to invest in a lot of exploration and analysis before turning a profit, I have grave concerns about company structures that allow money to mysteriously appear and disappear from the balance sheet, particularly when it involves disappearing to an offshore parent company. Can someone explain to me how we can trust these companies to 1. Eventually pay UK tax when sleight of hand appears to allow them to shift money offshore so easily. 2. How long before they do pay tax when it appears that everything can be offset as massive expenses before tax become payable. 3. How can they be truly held to account financially for anything that goes wrong when these transient companies can easily be declared bankrupt while still seriously in the red, or alternatively, when any future income has been conveniently transferred to their tax haven parent company?
    Quote: ‘The accounts recorded that the company, also known as Ineos Shale, was funded internally by the Ineos group and had “no other comprehensive income”. Ineos Upstream met day-to-day working capital requirements through its intercompany loan. It had no contracted employees, paid no directors’ fees and paid no tax.’ and ‘Owed to group undertakings: £125.569m (2016: £525.562m)’
    Can someone also explain how a company with no comprehensive income other than borrowing from within the INEOS group, and with significant outgoings on exploration and appraisal can mysteriously wipe £400million from what it legitimately owes in just one year? If they’ve made £400m to pay off their debts, where’s the tax bill?
    I have neither the time nor the energy to play the silly game of ‘how much tax could support the NHS or people suffering from fuel poverty etc etc’, but while companies have the ability to bamboozle a ridiculously complex system and avoid paying tax on their income, how can we ever have a fair and equitable society that looks after the people who are struggling through no fault of their own, while instead bolstering the personal wealth of a multi billionaire?

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