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News - 17 April 2013

Npower denies Tax Avoidance.

Npower has admitted to the Energy and Climate Change select committee that they have not paid corporation tax in the UK for three years as it has invested billions to "keep the UK's lights on".

Npower Chief Executive Paul Massara said: "Effectively we have invested £5bn in the last five years building power plants, creating jobs, creating employment and helping to keep the lights on. If we had not made that investment we would not have the deductibility that we would be allowed. That is a simple accounting UK rule.”

Npower reported a 34% rise in profits to £413m last year and their admission came just months after increasing prices by around 9%.

Prime Minister David Cameron's official spokesman said: "I wouldn't comment on an individual taxpayer.

"More broadly, the Prime Minister's view is that it is important that companies pay the tax that is due."

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