Internet company Yahoo is planning to shift its European headquarters out of London and into Switzerland, with insiders claiming corporate tax as the reason for the move.
The FT reports that the company has told its 70 business executives that they need to relocate to Geneva or leave the company. Yahoo employs 700 people in the UK.
The move will worry UK business lobby groups, who have expressed concerns that changes to capital gains tax and non-dom rules have seen the UK's tax system become less competitive.
Yahoo's plan to leave the UK follows Google's decision to base its European headquarters in Zurich. In 2006 game publisher Electronic Arts left the UK for Geneva too.
Yahoo said the move was part of its strategy 'to increase competitiveness and to deliver financial results, performance and efficiency'.
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