Engineering giant Smiths Group said it would ‘consider’ moving its UK head
quarters overseas because of the government’s proposals on taxing foreign
The company, which has 80% of its business abroad, announced it was closely
monitoring the Treasury’s plans to tax passive income from overseas
‘Whilst there is no current intention to move the domicile of the company
from the UK, the board is closely monitoring possible changes to UK tax
legislation given the very high percentage of profits generated overseas,’ said
chief executive Philip Bowman.
He also announced restructuring of the company with 65 job cuts across the
group and relocation of the current headquarters in North London.
The Treasury confirmed it had postponed publication of its consultation
document on possible changes from July to the Autumn; a sign it is bowing to
The tax proposal changes have worried UK multi-nationals with operations
abroad and led to United Business media and Shire Pharmaceuticals relocating
their HQ from the UK to Ireland which has a tax friendly regime.
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
The SME community voices concern about the chancellor's measures in the Spring Budget
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals
Unincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory