Apr 15
Another Firm Flees UK Tax Burden
According to London’s City A.M. business paper, the £5 billion Shire Pharmaceuticals is going tore-domicile to Ireland. The company will re-register in Jersey and re-domicile in low tax Ireland, joining a growing number of firms who have relocated away from Britain for tax reasons.
1 Comment so far
Well, that’s strange. It’s been years, but back in my day, the U.K. and most countries other than the U.S. taxed business enterprises based on income source, so unless this company was pulling out of the U.K. market, it wouldn’t have affected their taxes much at all to pull this sort of thing, which U.S. companies did in droves in the late 1990s. Other kinds of entities did it too; I worked out a system using Jersey, as well, for what amounted to a gigantic trust. Anyway, there must be some new tax system in Britain to encourage this.