Donald Trump’s second UK company recorded a loss of £448,860 last year, according to new accounts, but it did manage to buy an aeroplane.
Yesterday Heat Street revealed that the presidential candidate’s principal UK business, which runs a golf course and hotel near Aberdeen, lost more than £1 million during 2015 despite turnover being up to just over £3 million.
Now accounts just filed by Trump relating to DT Connect Europe Limited, which was incorporated in February 2015 and is based at his other golf course at Turnberry in Ayrshire, show it, too, lost money last year.
Having recorded losses, both these Scottish-based businesses have escaped paying tax.
DT Connect Europe Limited has three directors – Trump and his sons Eric and Donald Jr.
The exact nature of the business is not clear but its only notable activity was the purchase of an aeroplane from another of Trump’s companies – Delaware-based firm DT Connect LLC – for £1,013,514.
This was part of a “hive up” – where a business or its assets are transferred to the parent company.
Trump acquired 100% of the membership interests of DT Connect LLC, and the plane was its main asset.
On Sunday Trump admitted for the first time that he used a $916 million loss that he reported on his 1995 US income tax returns to avoid paying personal federal income taxes for years.
Having made consistent business losses in the UK as well, isn’t it about time someone asked him about his tax position in this country as well?