Wolseley to move tax base from UK to Switzerland
Plumbing group shifts tax residency to Switzelrand from the UK, to gain more tax "certainty"
Plumbing group
Wolseley
is shifting its tax base from the UK to Switzerland in an attempt to achieve ”
more certainty” in its tax position.
A new group holding company will be created, called New Wolseley. The holding
company will be UK-listed, incorporated in Jersey and have tax residence in
Switzerland.
“The proposals are expected to enable the group to achieve a competitive
effective corporate tax rate,” said the group in a statement to the stock
exchange.
The proposals will not change the tax position of the UK business.
Chief executive Ian Meakins said that the company’s underlying tax rate would
come down to 28% from 34%, according to reports. The difference would have saved
£23m in its last year’s results if it had made the move, reports added.
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