Hargreaves calls for corporation tax to be scrapped

Hargreaves Lansdown co-founder Peter Hargreaves has questioned the need for businesses to pay corporation tax, saying he has "never understood" the concept.

The billionaire executive director of the discount broker, who was awarded a CBE in the New Year's Honours' List this week, suggested firms would employ "millions" of extra staff if taxes on their businesses were scrapped. Speaking to the Daily Mail, Hargreaves claimed companies' tax avoidance schemes were due to a belief firms should not pay tax because they do not have the right to vote. "I never understood why companies should pay tax. They don't have a vote. If they didn't have to pay tax, they would come here in droves and employ millions of people who would pay loads of tax," he...