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.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states