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27 Nov 2006
Over the last two years 19 companies have moved parts of their operations abroad because of complex tax rules, a CBI study of 87 senior UK executives has found.
The survey found that another five companies were considering similar moves abroad as a result of high corporate taxes and an aggressive approach by tax authorities, the FT reported.
'In today's world of global markets, companies have many more choices to make about where to invest their capital and their talent. Business tax is one of the most important considerations that firms have to take into, and it is easily measured,' Richard Lambert, CBI director-general said.
The survey found that 75% of the respondents believed that the corporate tax system had changed for the worse over the last five years. Ireland and the Netherlands were ranked as the most popular alternatives to the UK to operate from.
The survey follows a number of hig profile moves by businesses to other jurisdictions. Lloyd's insurers Hiscox and Omega have moved their domiciles to Bermuda, and Experian, the credit analysis group, moved its headquarters to Dublin when it demerged from GUS.
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Visitor comments Add your comment
Greed
Pure greed.
Have these firms not benefited from state educated employees?
Have these firms not benefited from the NHS getting their employees back to work?
Have these firms not benefited from incentives to train employees?
Are these the kind of firms busy winding up pension schemes?
Are these the kind of firms cutting employee benefits?
More work less pay.
Pure greed
Posted by: Sarkey Starkey, 29 Nov 2006 | 00:00
The main emphasis of comment
I can see why this is happening. A quote by Mr Lambert, CBI director general, put it so well.
Mr Lambert said: "It is important to be absolutely clear about who pays for high business taxes. They fall on consumers, in the form of the higher prices that companies need to pay their increased costs.
"They fall on shareholders, large numbers of whom represent the interests of pensioners and savers. And they fall on the workforce, in the form of fewer jobs, squeezed wages, and lower business investment.
"High business taxes are not a way of making 'fat cats' squeal. They are a burden carried by the whole of society."
Posted by: Phillip Rosslee, 30 Nov 2006 | 00:00
Buy American
If you move from the US, dont expect us to purchase your products.I consider you anti American. Your workers here have paid high taxes. Where is your loyalty. Certainly not with the US
Posted by: Mary Ann McClain, 08 Jan 2009 | 00:00