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29 Sep 2008
WPP, the world's second-biggest advertising and marketing group, has confirmed it plans to move its official headquarters from Britain to Ireland because of punitive changes to the British tax regime.
A WPP spokesman told Reuters on Sunday the advertising giant was likely to issue a stock exchange announcement this week on its plans to change domicile.
The decision to move offshore will be a huge blow for the Treasury, particularly as Martin Sorrell, WPP chief executive, has acted as an ambassador for British business.
WPP, who paid ₤204m in UK taxes last year and conducts almost 90% of its business outside Britain, estimates the tax regime changes would add tens of millions to its British tax bill.
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Briefings
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The never-ending Labour disasters
Every day it becomes clearer that the Government, through its crazy policies, is driving the UK towards recession.
Mr Brown, please call an election NOW!
Posted by: John Stephany, 29 Sep 2008 | 00:00