Vodafone CFO says tax allowances nothing to do with C&WW deal

by Calum Fuller

More from this author

24 Apr 2012

  • Comments
vodafone

VODAFONE'S CFO said the tax position of telcoms business Cable & Wireless Worldwide formed no part of the decision to take it over.

Mobile phone operator Vodafone made no value on the £5bn of capital allowances owned by Cable & Wireless Worldwide in its acquisition of the struggling telecommunications firm, said CFO Andy Halford, the Financial Times reports.

It is believed the mobile phone network had doubts over its ability to use the tax benefits as it had had capital allowances of its own in the UK.

However, Vodafone's Halford now believes it can utilise them, although he insists it was not a crucial element of the deal.

He said: "[C&WW] has a number of pre-existing capital allowances which we expect to be able to continue to use in the UK."

Vodafone went on to say it would need more time and detail before it could put a value on the allowances. It did, however, say it was unable to use any of C&WW's tax losses, which came to £16.2bn in its latest accounts.

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Financial Planning and Performance AnalystCabinet Office-Greater London-Competitive

 
 
 
 
 
 
 
 

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.