High taxes forcing companies abroad
Nineteen companies move operations abroad because of taxes says CBI
Over the last two years 19 companies have moved parts of their operations
abroad because of complex tax rules, a CBI study of 87 senior UK executives has
found.
The survey found that another five companies were considering similar moves
abroad as a result of high corporate taxes and an aggressive approach by tax
authorities, the FT
reported.
‘In today’s world of global markets, companies have many more choices to make
about where to invest their capital and their talent. Business tax is one of the
most important considerations that firms have to take into, and it is easily
measured,’ Richard Lambert,
CBI
director-general said.
The survey found that 75% of the respondents believed that the corporate tax
system had changed for the worse over the last five years. Ireland and the
Netherlands were ranked as the most popular alternatives to the UK to operate
from.
The survey follows a number of hig profile moves by businesses to other
jurisdictions. Lloyd’s insurers Hiscox and Omega have
moved their domiciles to Bermuda, and Experian, the credit analysis group, moved
its headquarters to Dublin when it demerged from GUS.
Further reading:
HSBC: ‘we’ll quit UK over tax’
UK companies cast envious eyes abroad