UK tax regime forces WPP move to Ireland
Advertising giant WPP is moving its HQ to Ireland to escape a punitive UK tax regime
WPP, the world’s
second-biggest advertising and marketing group, has confirmed it plans to move
its official headquarters from Britain to Ireland because of punitive changes to
the British tax regime.
A WPP spokesman told
Reuters
on Sunday the advertising giant was likely to issue a stock exchange
announcement this week on its plans to change domicile.
The decision to move offshore will be a huge blow for the Treasury,
particularly as Martin Sorrell, WPP chief executive, has acted as an ambassador
for British business.
WPP, who paid ?204m in UK taxes last year and conducts almost 90% of its
business outside Britain, estimates the tax regime changes would add tens of
millions to its British tax bill.
Further reading:
Prudential latest to ponder tax exodus
Tax clarity needed to stop businesses leaving the UK