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Case Studies
Alpha-Pharma
(not its real name) was formed by the merger
of two large pharmaceutical multinationals and
we don't think it is very tax-efficient. Maybe
that's because they haven't had time to sort
things out after the merger - but we offer some
other possible explanations.
Tronomark
(not its real name) was started by Sir Michael
Thornton in a garage in 1967 - now it has a
turnover of £300m, and it hardly pays
any tax. How is it done? It's just the difference
between a public company which dare not put
a hair out of line, and a private company, which
can perfectly legally play the options to maximise
after-tax earnings.
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