TaxAdministrationOld Mutual leaves tax exodus options open

Old Mutual leaves tax exodus options open

Old Mutual has joined other FTSE 100 groups considering its tax options and eyeing more favourable tax regimes

Old Mutual, the £7bn London-listed
insurance giant, has joined a raft of other FTSE 100 groups considering its tax
options and eyeing more favourable tax regimes such as Dublin or Geneva.

A spokesman for the company told The Times that, although the group
had decided against a move, it would keep its options open and would not rule
out quitting the UK in tax terms sometime in the future.

Meanwhile, British American
Tobacco
, Britain’s twelfth-biggest company, revealed it paid no UK tax last
year.

On pre-tax profits of £3.08bn, the company faced a UK tax charge of £977m,
but this was cancelled out by foreign tax credits, adjustments and deferred
charges.

Further reading:

Aberdeen latest to join corporate exodus

Dublin’s gain is Darling’s loss

Read
The Times story

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