High UK tax may force fund firm into exile
Published Date:
28 August 2008
Fund management firm Henderson has renewed fears of a big business tax exodus from the UK after confirming it was considering moving its tax base to Ireland.
The firm is understood to be eyeing the move, which could save it millions of pounds a year, as part of its long-term financial planning process.
Yesterday a spokesman for Henderson declined to outline the reasons for the possible change, but it comes amid concern from a number of British companies about the UK corporate tax burden.
The country's corporation tax rate is currently 28 per cent, well above the European Union average of 24.5 per cent and more than double Ireland's 12.5 per cent rate, according to accountants Grant Thornton.
Shire, one of Britain's biggest drugmakers, announced plans in April to move its tax base to Ireland.
It is thought Henderson, which manages around £59bn-worth of assets, would be the first big financial services business to make the change.
British firms' fears over the tax burden mounted this year following a series of changes proposed by the Treasury.
The full article contains 189 words and appears in n/a newspaper.
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Last Updated:
28 August 2008 8:10 AM
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Source:
n/a
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Location:
Yorkshire
