Mondelez UK accounts reveal that its turnover rose from £1.64billion to £1.66billion and its profits increased to £185million from £22million. The rise was mainly due to £146million of dividends from two subsidiaries – its Terry’s chocolate business and a coffee business in the Netherlands. This cash offset its profits and helped cut the corporation tax – which is payable on profits – to zero.
Mail butchery there, obviously. But what actually is the allegation? That they received tax paid dividends and then didn’t pay tax on them again?