TWO LISTED companies are considering returning to the UK as their tax base.
Informa chief executive Peter Rigby suggested that resolution of changes to the controlled foreign companies regime in the UK would prompt the publisher to reconsider, reported the Evening Standard.
“When the CFC situation is properly resolved, if the right thing is to return to the UK, we will return to the UK,” Rigby told the paper.
Insurer Lancashire Holdings intends to move to the UK for tax purposes, a move for which they will seek shareholder approval.
“Lancashire welcomes the UK government’s wish to explore ways of treating business written in the UK, but with limited UK connection, more favourably under the new CFC regime,” it said in a statement to the stock exchange.
“Lancashire, in conjunction with other corporations, will be responding to the government’s consultation over the coming months with a view to ensuring that the final CFC rules operate fairly.”
David Gauke, Exchequer Secretary to the Treasury, said: “I am pleased to hear that the Lancashire insurance group intends to move its tax residence to the UK. The government’s ambition is to make the UK’s tax system the most competitive in the G20.
“Today’s announcement shows that, through our corporate tax reforms, we are moving in the right direction and are showing the world that Britain is open for business.”
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