Internet company Yahoo is planning to shift its European headquarters out of
London and into Switzerland, with insiders claiming corporate tax as the reason
for the move.
The FT reports that the company has told its 70 business executives
that they need to relocate to Geneva or leave the company. Yahoo employs 700
people in the UK.
The move will worry UK business lobby groups, who have expressed concerns
that changes to capital gains tax and non-dom rules have seen the UK’s tax
system become less competitive.
Yahoo’s plan to leave the UK follows Google’s decision to base its European
headquarters in Zurich. In 2006 game publisher Electronic Arts left the UK for
Yahoo said the move was part of its strategy ‘to increase competitiveness and
to deliver financial results, performance and efficiency’.
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