Latest tax and investment news
Redomiciling 'can make business sense'
With a number of business relocations last year after the announcement of new tax regulations, people making the most of their corporation tax planning are again considering redomiciling.
Pharmaceuticals giant Shire, advertising brand WPP and publisher United Business Media all left the UK in 2009 and in the light of the introduction of the 50 per cent tax rate on bank bonuses, more could be set to follow, Financial Director reports.
Stuart Bridges, group finance director of insurer Hiscox, said that corporation tax for reinsurance companies is zero per cent in Bermuda, which made it the perfect location for redomiciling as the company expanded into the US.
"We're in a very regulated industry, so if we have a competitor that is operating in a regulatory or tax environment which gives them a distinct advantage, then of course, that gives them a pricing advantage in their product," he told the website.
The Association of British Insurers recently called for a more competitive and business-friendly environment to ensure the UK does not lose more insurance firms.
Posted by Brian de Selby
For More Information
For more information about our services please contact us on the number provided below. Alternatively, fill out this form, indicating your area of interest, and one of our partners will contact you. If in any doubt, we offer a free, no obligation meeting to discuss your requirements.
For further information please email us at mail[at]atcsolutions.com or call:
ATC Solutions takes your privacy very seriously and any information you provide will only be used by us. We do not pass on information to any third parties unless you expressly give us permission and only then in relation to your specific enquiry.
