Boots accused of avoiding taxes : Alliance Boots has avoided £1.1bn in taxes by routing its cash through a series of subsidiaries in tax havens including Luxembourg, Cayman Islands and Gibraltar, according to a new report by the campaign groups War on Want, Change to Win and Unite the Union. The report cites the 2007 buyout of Alliance Boots, which was then a publicly listed FTSE 100 company, by KKR as crucial in its ability to avoid tax. The purchase was funded by large amounts of debt, which reduced its taxable income by several billion, thereby cutting its tax bill by between £1.1bn and £1.3bn. Demanding tax loopholes are closed, Unite General Secretary Len McCluskey commented: Tax avoidance is now part of the DNA of a corporate British culture that is rotten to the core”. However, Alliance Boots’ chairman Stefano Pessina has defended the companys tax position. He pointed out that it paid more than double the amount of tax that it did as a quoted company before 2007 and said taxes such as national insurance and business rates meant its tax bill was far higher. Source : The Guardian, Page: 28 Financial Times, Page: 25 Independent I, Page: 8 The Independent, Page: 1 The Times, Page: 8 The Sun, Page: 40 Daily Mirror, Page: 11
Posted on: Tue, 15 Oct 2013 07:13:20 +0000
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