The American owners of Cadbury’s milked UK taxpayers this year by paying nothing on profits of £177 million in 2015, which under the standard tax rate would be billed at £36 million. And they’ve gotten away with it for the past six years.
Indeed, this isn’t anything new. Since Cadbury’s was bought by US giant Kraft Foods –now known as Mondelez UK– in a hostile takeover back in 2010, the company has employed extraordinary tax-avoiding gymnastics to exploit the Channel Islands Stock Exchange.
They didn’t pay anything in 2015. They didn’t pay anything in 2014. In contrast, before Mondelez’s takeover, one subsidiary alone — Cadbury Trebor Bassett Services — paid more than £45 million in corporation tax in just one year.
A Mondelez spokesperson said in the company’s defence:
“We are a global company, operating and paying tax in more than 165 countries and on a global basis we pay hundreds of millions of dollars in corporate income tax annually.”
Yep, that’s great and all, just not hundreds of millions of dollars paid here though.
I think I know what Britain's great ethical entrepreneur George Cadbury would have made of this…. pic.twitter.com/wzV8lq7Bgg
— Liam Byrne (@LiamByrneMP) October 16, 2016