TaxCorporate TaxBudget2011: Shire “to look at Budget details” regarding return to UK

Budget2011: Shire "to look at Budget details" regarding return to UK

The UK's former third largest pharmaceutical company tells Accountancy Age it will consider the "interesting" proposals set out in the Budget

PHARMACEUTICAL COMPANY Shire has told Accountancy Age that it will look into the details of the “interesting” Budget proposals concerning a possible move back to the UK.

A spokeswoman said that the firm, which moved to Ireland in 2008, “will look into the details of these interesting proposals, but at this stage our position remains unchanged”.

Advertising firm WPP’s chief executive Martin Sorrell said today that it was likely to move back to the UK because of the measures announced in the Budget to cut corporation tax by 2% and review the rules on controlled foreign companies (CFC). The UBM publishing company has also said it is considering a move back.

All the firms moved to Ireland in 2008, citing the CFC legislation and higher UK corporation tax levels.

Shire, which was the UK’s third largest pharmaceutical company, said at the time: “‘Shire has concluded that its business and its shareholders would be better served by having an international holding company with a group structure that is designed to help protect the group’s taxation position, and better facilitate the group’s financial management.”

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