HENDERSON GROUP is to move its tax residency to the UK from the Republic of Ireland, the company told investors as it announced a raft of board changes.
The change in residency, effective immediately, comes by means of a corporate restructuring, the company said.
The UK government’s Controlled Foreign Company reform means the group’s tax position and effective tax rate are unaffected by now having a UK-resident parent company.
Henderson follows advertising giant WPP, which announced in August that is was returning to the UK after a four-year self-imposed tax exile in Ireland.
WPP, headed by Sir Martin Sorrell, stated in August that the legislation in the 2012 finance bill relating to foreign profits was the driving force behind its decision.
As all strategic decision making will now reside in the UK, Henderson has reduced the number of executive directors on the board and therefore David Jacob and James Darkins have stepped down with effect from 12 December 2012.
In addition, company chairman Rupert Pennant-Rea will stand down from the board at the Annual General Meeting in May 2013.
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A total of £16bn was lost through tax fraud last year, according to estimates released by Pinsent Masons
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Firm expands East Anglian team with appointments to the audit practice and private client tax team