Lloyd's List publisher set for Swiss move
Informa readies itself for move abroad, arguing 'double taxation' would hurt income
Professional publisher, Informa, has announced plans to relocate its
headquarters from the UK to Switzerland, a move in response to plans to
introduce ‘double taxation’ of profits earned overseas.
The publisher of the Lloyd’s List is reportedly set to tap shareholders for
£242m in a bid to stave off breaching its borrowing terms, according to
timesonline.co.uk
Planned changes to corporate tax in the UK are likely to have ‘a detrimental
impact’ on the company’s finances. Its tax rate is expected to rise from 26.5%
to about 30.5% under the changes.
Details of the plan include the retaining of its UK stock market listing,
moving its incorporation to Jersey and its tax base to Switzerland.
Four fifths of Informa’s earnings are generated overseas.
The move follows decisions made by UBM and WPP, both of whom moved their
headquarters to Ireland.
Further Reading:
Foreign
profit rules left in limbo
More
companies consider abandoning UK as tax domicile