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17 May 2011
ALLIANCE BOOTS yesterday moved to defend its record on tax after being targeted by the protest group UK Uncut.
The Independent reports that the defence came as the company, owners of the Boots chain of pharmacies, unveiled trading profits that reached more than £1bn.
Finance director George Fairweather is quoted saying he did not understand why the company was being picked on and confirmed that the company is paying corporation tax in the UK.
Executive chairman Stefano Pessina is described by The Independent as "exasperated" as he insisted money was not being moved to Zug, the Swiss canton where the company is registered, and that it was not being distributed to private equity owners KKR.
The company's annual report is not due out until later this week. A Boots store was targeted by UK Uncut on Oxford Street, London, in January this year.
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company debt
Alliance Boots pay a very small percentage of their trading profits as corporation tax because of the interest on debt. This is perfectly reasonable if tax is being paid by the body receiving the interest. If this is being avoided, maybe because it is taxed somewhere else,then this needs attention since this money is being generated by economic activity within the UK
Posted by: frank brewer, 18 May 2011 | 10:43