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15 May 2008
Compass, the catering company, has become the latest company to say it is considering an HQ move as a result of proposed tax changes.
Richard Cousins, the chief executive, said that a team had been looking into the move but promised no 'snap decisions. Of course, we are looking at it, all companies are. I get the impression that it is on everyone's agenda,' The Times reported.
The comments follow announcements by several companies that they are leaving the UK to become tax resident in Ireland. Both Shire, the pharmaceuticals group, and United Business Media have said they are leaving due to the foreign profits change being mooted.
The UK government is trying to prevent companies putting income-producing intellectual property into offshore havens to dodge tax. But its mechanism for doing so, by taxing 'passive' income, has worried UK businesses who fear the rules will cast a wider net than intended.
Further Reading:
UK corporate moving overseas: will they stay or will they go?
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