The heating and plumbing giant Wolseley has said it does not plan to follow the advertising giant WPP and shift its tax base back to the UK.
The company moved its tax domicile to Switzerland two years ago to avoid the controlled foreign companies tax regime, which applies UK tax on overseas earnings. The move cut £40m off its tax bill.
The rules change next year. But Ian Meakins, Wolseley's chief executive, said at the moment there was no business case to return.
Wolseley is paying a £350m special dividend as trading profits rose 10 per cent to £658m in the year to 31 July, as solid growth in North America offset weaker markets in the UK and Europe.