Wednesday, 6 April 2011

Number Crunching

£10 million: Amount of tax UK Uncut accuses Associated British Foods, which partly shares ownership with Fortnum & Mason, of avoiding and used as justification for the store's occupation on 26 March.

£60 million: Amount of tax The Guardian's owner, Guardian Media Group, has been accused of avoiding as part of its 2008 deal to sell a stake in Trader Media.

GMG paid no corporation tax in the 2008/2009 financial year, for which it reported profits in excess of £300 million. “The Board (of GMG) ... believes that it has a commercial responsibility to manage the Group’s affairs in a tax efficient manner within those rules as well as to manage the Group’s exposure to tax.” The Guardian has described its tax affairs, which included the establishment of a Cayman Islands subsidiary, as “not abnormal”.

Since 2007, the Guardian has run an investigation to expose how “large corporations are creating elaborate structures to move profits through subsidiaries to offshore centres such as the Cayman Islands, Bermuda and the British Virgin Islands, to avoid handing money over to tax collectors in the countries where their goods are produced”.

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