UBM move angers Treasury
UBM’s move to Ireland to escape UK’s tax regime has angered Treasury officials
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