CICTAR: UK Care Homes Shift Profits Offshore According to Report
LONDON, Feb. 23, 2021-
Darkness at Sunrise: UK Care Homes Shifting Profits Offshore? - by the Centre for International Corporate Tax Accountability & Research (CICTAR) and Public Services International (PSI) reveals that UK care homes shift profits offshore while charging thousands of residents £200 in daily fees. 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. COVID-related deaths in UK care homes have exposed the need for major reforms which must include greater financial transparency to ensure that care is prioritised over profit.