Advisers warn of further relocations
Further moves abroad for UK financial services companies
Increasingly competitive tax regimes abroad will see a mass exodus of
financial services companies relocating their headquarters from Britain.
According to a report in the
Times, several industry advisers have warned that recent company
announcements are the tip of the iceberg, with many others soon to follow suit.
Parts of Asia in particular have been identified as attractive alternatives
luring UK-based companies further afield.
Dana Ward, a financial services tax partner at Grant Thornton, said market
opportunities in Asia and the Gulf were forcing asset managers to reassess
whether they could remain in the UK.
The Institute of Directors (IoD) said it was vital the Government publish a
detailed paper for the multinational tax regime in the pre-Budget report.
The news follows confirmation last week that Henderson, Charter and Regus
will all be relocating operations abroad. Brit Insurance, underwriters for
Lloyds of London, is also considering a move.