UBM move angers Treasury

United Business Media and pharmaceutical giant Shire’s tax base switch to Ireland has angered the Treasury, which is about to publish plans to reform the taxation of British companies' foreign subsidiaries.

But UBM's decision to move its tax base to Ireland is particularly galling for senior ministers because of the very close links between the government and Adair Turner, the company's longest-standing non-executive director, The Independent reports.

Although Lord Turner of Ecchinswell sits on the cross-benches in the House of Lords, he is closely associated with Labour after having chaired a three-year inquiry into pensions reform.

Business groups are backing UBM and Richard Lambert, CBI director-general, said firms were ‘seriously concerned’ about the high level and rising complexity of taxation in the UK, and were increasingly prepared to vote with their feet. 'The Treasury cannot ignore this issue or argue that companies are crying wolf,’ he said.

Further reading:

UBM joins tax exodus to Ireland

Read store in The Independent