Alliance Boots warns of no let-up in pain

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Alliance Boots, which is headquartered in the small town of Zug in Switzerland, has been criticised by tax protesters who accuse it of avoiding tax in the UK.

Finance director George Fairweather said: “Our numbers have not always been well understood.”

He said that the UK tax paid for the 2011/12 year was £26m.

“Just to put it in perspective, had we not paid the additional contributions to the pension scheme on deficits – which are tax deductible – it would have been £72m,” Mr Fairweather said.