THE DAILY BRIEFING

TAX DEAL Formula 1 owner

Liberty Media reportedly paid just £6.9m in tax last year despite having underlying profits of £350m and turnover of £1.4bn.

The company books revenues at its UK companies which are in turn funded by large loans from its offshore businesses. The interest from the loans is then used to reduce profits for tax purposes.

INSOLVENCY RISK Discount fashion chain Store Twenty One is expected to declare insolvency this week after its largest backer, the State Bank of India, decided to withdraw support.

CEO HUNT The boss of Direct Line, Paul Geddes, is said to be in the running to become the next chief executive of ITV, following Adam Crozier’s decision to quit. DEBT DOUBTS Former BHS owner Dominic Chappell will appeal a court decision to place his investment firm Retail Acquisitions into insolvency.

PAY PROBLEMS Ben van Beurden, chief executive of Shell, will face a grilling over his £7.4m pay packet at its AGM this week.

TECH FRAUD A technology firm backed by Elton John’s husband David Furnish has become the subject of a major fraud investigation. Lawyers are looking into claims that millions of pounds were funnelled from software developer Ve Interactive into separate companies owned by founder David Brown, his ex-wife and his girlfriend.

WALKIE TALKIE Investors from Hong Kong are reportedly eyeing up a 50pc stake in the City’s ‘Walkie Talkie’ skyscraper.