Long article in The Guardian about Boots, I started to read it out of interest as I used to work for them.
Part of the article describes the situation - Boots UK, owned by an offshore company which borrows a lot of money and loads it onto the Boots UK balance sheet. The debt is large and only some of it is related to the Boots UK business.
Add in offshore owners and tax havens, in this case Monaco.
Now picture a (once?) much-loved company who served the community it grew up in, now being run as a stretch business siphoning UK customer money offshore to service the debt.
You'll have to read the article for the full in's and out's but it got me thinking about parallel lines between the Boots story and a certain football club I know and love.
http://www.theguardian.com/news/2016/apr/13/how-boots-went-rogueActually, parallel lines with more than one football club I guess.
Comments
Total artifice and therefore not tax-allowable. Wake up HMRC.