UK care homes shift profits offshore while charging thousands of residents GBP 200 in daily fees, according to Darkness at Sunrise: UK Care Homes Shifting Profits Offshore? Report.
The Centre for International Corporate Tax Accountability & Research (CICTAR) and Public Services International (PSI) reveals that ownership through tax havens enables the more than 60 care homes to report losses in the UK while foreign investors make a killing in a sector subsidised by public spending. The UK’s care sector is dominated by private equity firms with a track record of aggressive tax dodging.
Welltower, a large US real estate company, is a minority partner in UK care homes, Gracewell Healthcare and Signature Senior Lifestyle, and owns over 120 UK care homes in total. In 2019, Welltower’s share of profit on these homes was an estimated GBP 64 million. ‘Profits reported to shareholders, reveal what is usually kept hidden’, said Jason Ward, the author of the report. ‘Complex corporate structures using tax havens artificially create losses to avoid UK tax.’
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.