UBM to return to London after four-year stay in Dublin
Mark Leftly is political correspondent at The Independent on Sunday and associate business editor across the Independent titles. He writes a weekly column, Parliamentary Business, published on a Wednesday, that covers politics and the City. He is a multi-award winning reporter and was named Press Gazette's business magazine journalist of the year prior to joining The Independent on Sunday.
Sunday 25 November 2012
The owner of PR Newswire is set to return to the British tax fold this week, after having moved its headquarters to Dublin in 2008 to escape what it called the UK's harsh fiscal regime.
UBM chief executive David Levin moved the group, which organises trade shows such as Ecobuild and publishes industry magazines including Property Week, to Dublin in protest at the prospect of double taxation on overseas profit.
But the introduction of changes to corporation tax in the New Year has convinced FTSE-listed groups that have redomiciled, or had at least considered doing so, to change their minds.
In August, Sir Martin Sorrell announced that his WPP advertising giant would also bring its tax base back to London from Dublin. The group also went to Ireland in 2008, as Sir Martin looked to slash WPP's tax bill by moving somewhere with a hugely favourable 12.5 per cent corporation tax.
A shareholder meeting to approve WPP's return takes place next month. UBM investors meet at the group's headquarters, the old Daily Express building, on the river Thames in central London's Blackfriars tomorrow. When, as seems certain, they agree to the deal, UBM's tax base will return to the UK at the end of the week.
Alongside the sale of its data services division, which UBM hopes will fetch more than £200m, and the appointment of Dame Helen Alexander as chairman, the return to London marks a year of frenetic activity. The media group has won admirers for running a tight ship when publishing rivals have badly struggled through the financial crisis.
- 1 Malaysia issues arrest warrant for Gordon Brown’s sister-in-law after she publishes stories on leader Najib Razak's financial affairs
- 2 Porn block in India: hundreds of sexual websites banned, internet outraged
- 3 Natalia Molchanova: World's most successful free-driver is missing and feared dead after disappearing in Mediterranean
- 4 Dutch King Willem-Alexander declares the end of the welfare state
- 5 Gamers confess the worst things they've done in The Sims
Jackie Chan in second place in Forbes' Highest Paid Actors list after magazine includes actors working outside US movie industry
Malaysia issues arrest warrant for Gordon Brown’s sister-in-law after she publishes stories on leader Najib Razak's financial affairs
Natalia Molchanova: World's most successful free-driver is missing and feared dead after disappearing in Mediterranean
Giant Minion terrorises drivers in Ireland as 40ft inflatable blocks traffic on Dublin road
Dutch King Willem-Alexander declares the end of the welfare state
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
Chris Leslie: Jeremy Corbyn's anti-austerity agenda will harm the poor, says Labour shadow Chancellor
Landlords renting properties to illegal immigrants to face up to five years in prison
While we fixate on Calais, the Home Office is quietly deporting dozens of migrants on 'ghost flights'
Labour leadership race: Jeremy Corbyn could be the next Prime Minister, says Ken Clarke
iJobs Money & Business
£35 - £50k DOE: Guru Careers: A Tax Manager / Accountant (ACA / CA / CTA) is n...
£35000 - £37000 per annum + benefits: Ashdown Group: Contracts Executive - Cit...
£20000 - £25000 per annum + OTE £45K: SThree: SThree Group have been well esta...
£21000 per annum: Recruitment Genius: This is an exciting opportunity to join ...