http://www.ft.com/cms/s/0/e06634a4-2...44feabdc0.html
Ineos, the UK’s biggest private company by sales, is preparing to move its headquarters to Switzerland in an attempt to save on tax bills.
It is the latest, and one of the biggest, of a string of UK companies that are moving abroad because of rising corporate and personal tax bills at home for some enterprises.
The chemicals group asked lenders on Wednesday for permission to move its headquarters and tax residence to Switzerland to save up to €450m ($680m) in the next four years, money that would have otherwise been paid in tax to the UK.
“Over the past year we’ve been leaving no stone unturned to improve cash generation and get through the recession. Tax is a big cost for us, and as our business recovers and we become more successful it will become a very big number,” said Tom Crotty, chief executive.
“Many leading chemical companies have European or global operations resident in Switzerland, and we need to compete effectively with them.”
Gordon, you are always banging on about the benefits of globalisation and how getting cheap labour into the UK is good, well I've got news for you mate. Globalisation also means that wealthy companies and individuals can base themselves somewhere that doesn't have 50% income tax rates and windfall taxes, etc.
Ineos, the UK’s biggest private company by sales, is preparing to move its headquarters to Switzerland in an attempt to save on tax bills.
It is the latest, and one of the biggest, of a string of UK companies that are moving abroad because of rising corporate and personal tax bills at home for some enterprises.
The chemicals group asked lenders on Wednesday for permission to move its headquarters and tax residence to Switzerland to save up to €450m ($680m) in the next four years, money that would have otherwise been paid in tax to the UK.
“Over the past year we’ve been leaving no stone unturned to improve cash generation and get through the recession. Tax is a big cost for us, and as our business recovers and we become more successful it will become a very big number,” said Tom Crotty, chief executive.
“Many leading chemical companies have European or global operations resident in Switzerland, and we need to compete effectively with them.”
Gordon, you are always banging on about the benefits of globalisation and how getting cheap labour into the UK is good, well I've got news for you mate. Globalisation also means that wealthy companies and individuals can base themselves somewhere that doesn't have 50% income tax rates and windfall taxes, etc.
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