This is interesting about UK uncut: are they going after charities?
D’YE remember a little while back when UK Uncut was the new thing in town and all the cool kids were joining up? One of the things they did was have a little visit to Fortnum and Masons. Can’t remember exactly what they were whining about but it was something very important about people not paying taxes in some manner.
Which brings us to something from the financial pages:
Accounts for the holding company of the Weston family, Wittington Investments, show it recorded a sharp rise in revenues and profits last year thanks to the success of its sugar business and Primark.
And what has this to do with our story? Well, over and above Primark and Silver Spoon Sugar this company also owns Fortnum and Mason. So the company’s making pots of money and perhaps UK Uncut should be shouting at them? Well, no, not really:
This prompted Wittington to pay out £82m in dividends, compared with £21m in 2011, the majority of which went to the Garfield Weston Foundation, which owns 79.2pc of the group.
The charitable trust was established in 1958 by Garfield Weston. It supports arts and education charities as well as the British Museum in Holborn and the Royal Opera House.
80% of the whole shebang is owned by a charity. And the charity does indeed get the money and does indeed hand it out: it’s not just some tax shelter.
So there we have it, UK Uncut protested about a charity being given money. Well done UK Uncut.
Posted: 4th, March 2013 | In: Money Comment | TrackBack | Permalink
