TaxCorporate TaxHSBC says leaving UK will save £400m in tax

HSBC says leaving UK will save £400m in tax

UK's largest bank says it could save £400m in tax if it shifts headquarters, according to reports

HSBC says it could save around £400m ($750m) a year in tax costs if it moved
its headquarters out of the UK.

Speaking to Bloomberg, an HSBC spokesman said that London and the UK needed
to be wary of the burden it placed on business, as it was easy to move
headquarters without disrupting core operations. He said making such a move
could cut the group’s tax bill by £400m

The statement follows Accountancy Age’s story this week that HSBC was
concerned about the competitiveness of the UK tax system, after comments from
the bank’s head of financial planning and tax Chris Spooner.

The bank also said today that it would consider its plans in 2008, but
stressed that the UK regulatory environment was strong, and that that would be a
positive reason for staying here.

At a London conference last week organised jointly by the CIOT, The ICAEW and
CFE, Spooner had said that HSBC had been approached by other jurisdictions to
move headquarters. He added that the bank was concerned about the
competitiveness of the UK tax regime and the competitive environment seriously.

Read the original story here.

Related Articles

Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

2m Alia Shoaib, Reporter
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

2m Austin Clark, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

2m Clear Books | Sponsored
CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

Corporate Tax CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

3m Austin Clark, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

3m Emma Smith, Managing Editor
Should I incorporate my buy-to-let business?

Corporate Tax Should I incorporate my buy-to-let business?

4m Emma Rawson