Informa returns to the UK after fleeing from Gordon Brown
Tuesday 10 December 2013
Informa has announced plans to move its tax domicile back to Britain after five years in Switzerland — news that will help Chancellor George Osborne’s efforts to make the UK more tax-friendly.
The owner of insurance bible Lloyd’s List moved its tax base to Zug in 2009 when it was one of a string of companies including WPP, Wolseley and Shire which fled the UK during Gordon Brown’s premiership.
The FTSE 250 firm’s return is significant because it follows advertising giant WPP’s decision to move back from Dublin a year ago.
Osborne has slashed tax rates on controlled foreign companies (CFCs) — a key issue that had previously prompted companies to flee the UK — and he has also cut corporation tax.
Informa expects “no material change in reported tax rates or taxation paid as a result of the change in domicile”, suggesting the UK now compares well with Switzerland — at least when it comes to tax on foreign earnings. The group had previously said it had cut its tax bill, following the move to Switzerland.
Informa’s return comes as its long-serving chief executive, Peter Rigby, prepares to hand over the reins to Stephen Carter, a non-executive director, next year.
Lord Carter, a former public servant who was chief adviser to Brown in No 10 and head of media regulator Ofcom, had been facing the awkward prospect of heading a British company that was based overseas for tax purposes.
Informa said the new chief executive was not a reason for the tax change and the board felt the timing was right. Rigby promised in 2011: “When the CFC situation is properly resolved, if the right thing is to return to the UK, we will return to the UK.”
The group signalled in the past that the Swiss move was not painless, causing staff upheaval even though it saved on tax.
- 1 Astrological signs are almost all wrong, as movement of moon and sun throws out zodiac
- 2 Dad eats daughter's weed brownies, thinks he's had a stroke
- 3 The West has it totally wrong on Lee Kuan Yew
- 4 #FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
- 5 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
Germanwings captain Patrick Sondenheimer tried to break into locked cockpit door 'with an axe' as plane was descending
Amanda Knox murder conviction: Italian court overturns verdict for US student and Raffaele Sollecito in the killing of Meredith Kercher
Saudi Arabia says it won't rule out building nuclear weapons
The battle for the Middle East's future begins in Yemen as Saudi Arabia jumps into the abyss
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Nigel Farage brands LGBT activists 'filth' and 'scum' and accuses them of scaring away his children after they invade his local pub
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Russia threatens Denmark with nuclear weapons if it tries to join Nato defence shield
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Germanwings plane crash: Co-pilot Andreas Lubitz wanted to 'do something people would remember him for'
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...