The decision by Guardian Media Group and Apax Partners, co-owners of Top Right Group (formerly known as Emap), to sell its car data subsidiary CAP for an estimated £175 million raises an interesting question of tax.

The reason is that GMG, owner of the Left-wing Guardian newspaper, and its private-equity partner Apax bought Emap in 2008 through a series of companies in the Cayman Islands and Luxembourg — despite the fact that most of Emap, including magazines Broadcast, Retail Week and Nursing Times, is based in the UK. The Guardian admitted at the time that the offshore structure meant the owners could potentially avoid UK tax when it came to selling Emap. So what happens to that £175 million that GMG and Apax will get for selling CAP to Montagu Private Equity last week? Will any of it end up in Luxembourg? No, the cash won’t go offshore, insists Top Right Group, which says the proceeds will be reinvested in the UK company. Just don’t expect GMG and Apax to pay any more UK tax than absolutely necessary — especially if the rest of Top Right is sold offshore.

*Trinity Mirror will be hoping that it can defuse the worst of a shareholder rebellion at tomorrow’s annual meeting in Canary Wharf because Sly Bailey has quit as chief executive. However, suggestions that finance director Vijay Vaghela could succeed her look wide of the mark. The diligent numbers man has attempted to resign on more than one occasion in the last few years, only for the board to persuade him to stay. Expect new chairman David Grigson, who served as top bean-counter at Reuters and Emap, to ring the changes.

*Rupert Murdoch’s News Corp reports third-quarter results tonight when it is likely to reveal the size of its mounting bill from the phone hacking scandal and legal settlements. UK accounts revealed a £239 million hit last month, but the final total is set to be far higher.

*Much intrigue about the fact Chancellor George Osborne is submitting only written evidence to the Leveson Inquiry. Some say Osborne should testify in person, like other senior ministers. No one doubts that the Chancellor was close to News Corp’s James Murdoch, and Osborne was said to have played a pivotal role in recruiting ex-News of the World editor Andy Coulson to be Tory director of communications in 2007. During the Tories’ days in Opposition prior to 2010, there was even a wild rumour that Jeremy Hunt, then shadow Culture Secretary, was under orders to “clear” any significant statement on media policy with Osborne in advance. Another good subject to quiz Coulson about when he testifies at Leveson tomorrow.

*The mood music from within the BBC suggests Lord Patten, chairman of the BBC Trust, is keen to appoint an outsider to be director-general, and it is said that a fair degree of support is building behind Ofcom chief executive Ed Richards. Those who know the BBC Trust’s thinking say it wants a fresh and detached leader who can do away with management flab. Even more important is the need to formulate a change in the basis of the licence fee as the rise of mobile communications means a tax on the home TV set looks increasingly anachronistic and unsustainable. Richards is seen as just the man to fashion a credible alternative.

*Multi-platform media types who were reporting on the State Opening of Parliament today were aghast to be told that they may not Tweet or text from the House of Lords press gallery. “It’s the 21st century for goodness’ sake,” says one exasperated Lobby scribe. Bring on House of Lords reform, then.

For more on this story go to: www.thisislondon.co.uk/business/media/in-the-air-taxing-question-for-guardian-7728171.html