Old Mutual leaves tax exodus options open

Old Mutual has joined other FTSE 100 groups considering its tax options and eyeing more favourable tax regimes

Written by AccountancyAge.com

Old Mutual, the £7bn London-listed insurance giant, has joined a raft of other FTSE 100 groups considering its tax options and eyeing more favourable tax regimes such as Dublin or Geneva.

A spokesman for the company told The Times that, although the group had decided against a move, it would keep its options open and would not rule out quitting the UK in tax terms sometime in the future.

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Meanwhile, British American Tobacco, Britain’s twelfth-biggest company, revealed it paid no UK tax last year.

On pre-tax profits of £3.08bn, the company faced a UK tax charge of £977m, but this was cancelled out by foreign tax credits, adjustments and deferred charges.

Further reading:

Aberdeen latest to join corporate exodus

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