Tax on profit from abroad faces reform November 29, 2010 TAX should not be levied on profits made from genuine overseas business, the Treasury said yesterday in a bid to stem the flow of internationalcompanies moving their headquarters out of the UK. Publishing details of its corporate tax reform programme, the Treasury said controlled foreign company (CFC) tax should only be levied on profits that [...]
Tax on profit from abroad faces reform November 29, 2010 TAX should not be levied on profits made from genuine overseas business, the Treasury said yesterday in a bid to stem the flow of internationalcompanies moving their headquarters out of the UK. Publishing details of its corporate tax reform programme, the Treasury said controlled foreign company (CFC) tax should only be levied on profits that [...]
UK groups hold firm in Ireland November 22, 2010 SOME of the most high-profile corporate emigrants to the Irish tax regime told City A.M. yesterday they are not yet considering a move away from the country, with UK rules on controlled foreign companies (CFCs) influencing their decision more than the total tax rate. Now that the Irish government has admitted it will seek bailout [...]
Barclays weighs up costs of quitting UK October 27, 2010 SENIOR executives at Barclays Bank are weighing up the costs of moving the group’s headquarters from London to overseas, most probably New York. The bank’s executives, including at board level, have spent a great deal of time poring over the issue over the past few weeks. While no final decision has been taken, they have [...]
Time running out to halt City exodus October 27, 2010 IMAGINE the scene. It’s late 2011; Bob Diamond, Barclays’ boss, is posing with New York’s Mayor Michael Bloomberg in front of the firm’s New York headquarters. Bloomberg is boasting to the local media about how much he expects his city to make in extra tax receipts from Barclays’ relocation, which has just been completed. Meanwhile, [...]
WPP sees best organic growth in over 10 years October 26, 2010 WPP enjoyed its strongest quarterly organic revenue growth for ten years, according to chief executive Martin Sorrell. However, Sorrell said there is “a tremendous amount of uncertainty” among company bosses about the future direction of the world economy. He said: “Everything we see in the rear view mirror is good,” adding growth was helped by [...]
Cameron ready to announce his panel of business advisers today September 30, 2010 TWO MORE business figureheads were named as part of David Cameron’s panel of business advisors, Sky News reported yesterday. Indian businessman Ratan Tata and Sony president and chief executive Sir Howard Stringer are set to join a raft of hand-picked industry heads in the government’s business interest group. Also in the frame are Centrica chief [...]
Cameron collects City stalwarts for his business panel September 29, 2010 BOSSES at several of the country’s largest companies are to join David Cameron’s panel of business gurus, it emerged yesterday. A source close to Centrica said its chief executive Sam Laidlaw would take a role on the committee, while Sky News named Andy Street, managing director of John Lewis, 3i Group chief Michael Queen and [...]
Chinese stake purchase boosts WPP’s expansion September 13, 2010 Advertising giant WPP yesterday announced that it has taken a majority stake in Chinese retail marketing consultancy DPI through one of its wholly owned subsidiary companies in the region G2. The company refused to say how much it was paying for the stake, but the move continues its investment in China which is currently WPP’s [...]
West Coast move for UMG boss Grainge September 12, 2010 LUCIAN Grainge, the newly-ensconced chief executive of Universal Music Group who went out to the US a couple of months ago to take up his new post, has based himself in California. He had originally planned to be based – with his wife and children – in New York before changing plans. Grainge’s move marks [...]