FOUR YEARS after moving to Switzerland, publishing house Informa is to move its tax base back to the UK.
The FTSE 250 media group, which publishes titles including Lloyd’s List, said it is seeking shareholder approval to move its headquarters back to the UK during 2014.
In 2009, Informa, which generates most of its revenues from abroad, became one of a number of companies, including WPP, Henderson and UBM, to relocate overseas as a result of tightening tax rules on foreign profits.
However, George Osborne’s policy of cutting corporation tax and slashing tax rates on controlled foreign companies has enticed it back, in what is likely to be seen as a coup for the coalition government.
The move, which Informa said is unlikely to result in any “material change in reported taxes or taxation paid” is an indication of the UK’s increased competitiveness as a tax domicle.
In last week’s Autumn Statement, Osborne cited a report by KPMG that found. for the second year running, the UK has the most competitive business tax system.
“Putting up corporation tax hits investment, cuts productivity and raises much less” Osborne said.
WPP became one of the first companies to return from self-imposed tax exile when it announced in August last year that it would be returning to the UK because of changes to the way foreign profits are taxed.
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