Multinational building materials company, Wolseley, has announced its intention to move its tax base to Switzerland.
Multinational building materials company, Wolseley, has announced its intention to move its tax base to Switzerland. The Financial Times reported (27 September 2010) that the business plans to create a new holding company, listed in London but incorporated in Jersey, with a tax residence in Switzerland.
The paper goes on to report that the move follows the departure of several other companies, including Ineos, Shire, United Business Media, Charter, Henderson, Regus, Brit Insurance, Informa and WPP although the rate of departure appears to have slowed over the past 18 months.
The Independent (28 September) quotes Finance Director, John Martin, as saying: ‘It is 100 per cent the CFC regime in the UK’. Chief executive, Ian Meakins, added that, despite consultations on CFCs, ‘it is hard to see how the Government can solve the problem ... I’m quite sure our move will prove a catalyst for more conversations at other companies.’
Multinational building materials company, Wolseley, has announced its intention to move its tax base to Switzerland.
Multinational building materials company, Wolseley, has announced its intention to move its tax base to Switzerland. The Financial Times reported (27 September 2010) that the business plans to create a new holding company, listed in London but incorporated in Jersey, with a tax residence in Switzerland.
The paper goes on to report that the move follows the departure of several other companies, including Ineos, Shire, United Business Media, Charter, Henderson, Regus, Brit Insurance, Informa and WPP although the rate of departure appears to have slowed over the past 18 months.
The Independent (28 September) quotes Finance Director, John Martin, as saying: ‘It is 100 per cent the CFC regime in the UK’. Chief executive, Ian Meakins, added that, despite consultations on CFCs, ‘it is hard to see how the Government can solve the problem ... I’m quite sure our move will prove a catalyst for more conversations at other companies.’
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