Old Mutual leaves tax exodus options open

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.

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

Dublin's gain is Darling's loss

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