UK's top business chiefs threaten tax move

Uk business bosses rasie concerns over the U's ability to charge tax on their foreign dividends

Written by Kevin Reed

Accountancy Age, 06 May 2008

Some of the biggest UK businesses have threatened to move their HQs out for tax purposes.

Details emerged over the weekend of a recent meeting between the prime minister and chancellor with chairmen from some of the UK biggest multinationals over their concerns that the government would tax dividends from foreign operations.

Chairmen from HSBC, Vodafone, GlaxoSmithKline, BAE Systems, BAT, Shell and BP met the government to discuss the plans, according to the Daily Telegraph.

Shire and United Business Media recently stated that they plan to move their company centre out of the UK for tax purposes, while other major organisations have not ruled out a move.

WPP chief executive Sir Martin Sorrell said the company would consider moving its tax domicile offshore.

Brit Insurance also raised concerns over the tax changes, according to The Times.