Kingfisher to save tax with offshore brands
Published:  06 December, 2010

LONDON: Kingfisher, owner of B&Q, is exploring using an offshore subsidiary to house the company's intellectual property assets, the Financial Times reported on Saturday.

Under the plan, Kingfisher's brands would be domiciled in a tax-efficient vehicle, possibly incorporated in Switzerland, and licensed to its operating companies.

"People close to the group estimate that such a move might save it as much as £30m annually, approximately 5% of the £660m consensus pre-tax profit forecast for this year by City analysts," the FT said.

"For shareholders, that would seem to render it an open-and-shut case, although given Ian Cheshire's ringing endorsement of the Conservatives (he shared a stroll with Mr Cameron round a B&Q store during the election campaign), it might be mildly embarrassing to the prime minister," said the newspaper.




Sign Up

For the Builders' Merchants News enewsletter.

In the spotlight

Recruitment

Builders Merchants Vacancies – UK Wide

We have vacancies all over the UK for those who work within the Building Supplies sector.

Events Diary