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Third of firms looking to move offshore

Over one in three UK companies are considering moving offshore due to the burden of corporation tax, according to a BDO Stoy Hayward research.

Despite the Government reducing corporation tax from 30 per cent to 28 per cent in April, 38 per cent of medium to large executives polled say they are considering a move.

Insurance firm RSA is reviewing whether to move its headquarters offshore due to the UK tax regime.

A spokesman says: “We periodically review our domicile. When we did it a few years ago, at the time the UK was the right place for us. We are reviewing it again but have made no decisions.”

Henderson recently announced it was to move its headquarters to Ireland, where the corporation tax rate is 12.5 per cent.

BDO Stoy Hayward tax partner Stephen Herring says the Government should consider a more radical approach to the corporate tax system.

He says: “Our research clearly shows that UK business is unhappy with the effects of the current corporate tax sys- tem. We have seen announcements in the last few weeks from Henderson on this aspect and are likely to see more in the coming months.”

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