Henderson Group, a prominent British asset manager, is believed to be close to relocating offshore, becoming the latest business to snub the UK's corporate tax regime.

According to a report in The Telegraph, Henderson will announce its interim results today and the decision whether to move abroad will be made official.

Henderson is just one in a string of companies shifting which have mulled moving operations offshore, but is believed to be one of the first in financial services.

According to Mike Warburton, senior tax partner at Grant Thornton, the company's decision to move is of grave concern for business and the City.

'The Treasury needs financial services businesses to start upping sticks and going abroad like it needs a hole in the head,' he said.