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.
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year
Lord Howard Leigh of Hurley discusses the government’s initiatives to mitigate tax avoidance and evasion
Top 50+50: Demand for tax advisory services remains high, but fee pressure is expected in relation to compliance services
The demand for tax advisory services remains high and this looks to continue; but fee pressure is expected in relation to compliance services as the “Making Tax Digital” initiative is rolled out,
While some resistance to change is to be expected, the degree of controversy surrounding HMRC's Making Tax Digital proposals has surprised the government