View more on these topics

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.”

Recommended

Special agents

Controversy caused by the retail distribution review interim report over who should be entitled or, indeed, required to give advice has stirred old memories.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com