Kraft plans to move Cadbury to Switzerland to avoid UK taxes [View All]

[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