Kraft plans to move Cadbury to Switzerland to avoid UK taxes

[Newsjock]

Source: The Guardian

The new US owners of Cadbury's chocolate are working on a secret plan to shift key parts of the 186-year-old British business to Switzerland in a move likely to deprive the UK exchequer of millions of pounds of tax.

Kraft, which took control of Cadbury in an £11bn takeover this year, intends to turn the firm into a subsidiary of a new Swiss company. The new structure would slash its bill for UK corporation tax. Last year, Cadbury handed over £200m to Her Majesty's Revenue and Customs.

Kraft's plans, uncovered by the Guardian, are likely to fuel anger at the manoeuvres used by big corporations to avoid tax. A fast-growing group of activists, inspired by the UK Uncut group, plan to protest tomorrow in nine cities across the country against what they view as unfair tax avoidance by big companies on high streets.

Read more: http://www.guardian.co.uk/business/2010/dec/03/kraft-cadbury-move-slash-tax

[marmar]

1. Eventually, corporations will run out of countries to f**k over.

nt

[3waygeek]

2. And that's when we'll have our next big leap

in space travel; so they can have other planets to rape.

[mike_c]

3. this is particularly awful for Cadburys...

...which was founded by Quakers with a strong service and "giving back to the community" ethic. If I recall correctly, that ethic has always been prominent throughout most of the company's history. Now it seems that profit is the only virtue left.

[onehandle]

4. Switzerland and other tax criminal havens need to penalized severely. nt

[ProgressiveProfessor]

6. Avoidance is legal, evasion is not

Don't like it? Change the laws

[WinkyDink]

7. That would be the point.

[ProgressiveProfessor]

9. If its legal, there are no tax criminals to the Swiss to host

[no_hypocrisy]

5. Cheerio jobs . . . .

[Nuclear Unicorn]

8. And the Swiss already have a major chocolate industry

Now I'm waiting for Hershey's to move there as well.

Then all the world's chocolate will be in one place.

And I shall take over and it will be mine...ALL MINE!

:evilgrin: