The idea that our chocolate is controlled by some American company is bad enough. (Have you ever had American chocolate? It really is that bad!) But now we are finding that our favourite chocolate maker is getting involved in tax avoidance. Surely this is why we have Trident missiles!
The union representing Cadbury’s has expressed anger over reports that the company’s owner did not pay any UK corporation tax last year Mondelez International, the owner of the chocolate company, legally avoided paying any corporation tax in the UK last year despite Cadbury’s recording sales of £2bn and profits of £96.5m in 2014. Mondelez avoided the tax bill by using interest payments on an unsecured £8.2bn debt, which is listed on the Channel Islands’ stock exchange. The interest paid on the loan was offset as a loss against profits made elsewhere in the group.