Henderson Group is close to quitting Britain for tax reasons in a move that would send shockwaves through the City and the Treasury, The Telegraph reports.
The asset manager is expected to announce at its interim results tomorrow that it has been considering relocating abroad because of Britain's increasingly uncompetitive business tax regime. However, Henderson could sign a formal deal to make the switch as early as today. The relocation would be a bitter blow for the Treasury, which lowered the corporate tax rate from 30% to 28% in last year's Pre-Budget Report and has been fighting a rearguard action to keep disgruntled British companies in the country. FEARS THAT TAXPAYERS may end up footing an even bigger bill for Northern Rock intens...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
