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