Treasury in talks with WPP to return to UK
Six months of talks with advertising giant to return tax base to the UK
THE TREASURY is reported this morning to have been in talks with advertising and maketing giant WPP about returning its tax base to the UK.
The Daily Telegraph claims that disucussions have been under way for six months and centre on a reformed ‘controlled foreign companies’ (CFC) regime that would make it more attractive for WPP to be back in Britain.
WPP controversially moved its tax base to Ireland in late 2008 amid growing criticism of the UK’s corporate tax regime.
Chancellor George Osborne is expected to announce changes to the CFC regime in his Budget on Wednesday.
The CFC regime is designed to block tax avoidance using overseas companies located in tax havens.