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.

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