WPP chief warns on tax moves

by AccountancyAge.com

06 Oct 2008

  • Comments

More UK-based companies are considering moving the headquarters overseas amid concerns over the UK tax regime, the chief executive of advertising giant WPP has warned.

Martin Sorrell told the Financial Times: 'WPP is not the first to create a new holding company [abroad] and it won’t be the last. There are people actively considering it.'

WPP, the world’s second largest advertising agency, last week became the sixth – and highest profile company – to announce plans to shift its tax domicile from the UK this year.

Shire, Britain's third-biggest drugmaker, and United Business Media, the magazine publisher and conference organiser, have also announced plans to move their tax domicile from Britain to Ireland to reduce their corporate tax bill.

Sorrell welcomed the appointments of Peter Mandelson as business secretary and Paul Myners as the new City minister in Gordon Brown’s reshuffle, saying there were encouraging signs that the pair 'understood the implications of these [tax] changes for business'.

Further Reading:

Read the FT story

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Financial Planning and Performance AnalystCabinet Office-Greater London-Competitive

 
 
 
 
 
 
 
 

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.