WPP planning to return its tax base to UK from Ireland by January 2013
WPP is preparing to return to the UK following approval from the board, but pending its voting shareholders approving the move at a meeting on December 11.
WPP announced in August that is was considering a return to the UK following the coalition Government’s reformed rules on the taxation of foreign profits which are due to be implemented on 1 January 2013.
WPP moved its headquarters to Ireland in 2008 due to Labour’s changed rules as nearly 90 per cent of its revenue comes from outside the UK.
According to the announcement, if 75 per cent of voting shareholders are in favour, the move will be made via a parent company of the WPP Group, called New WPP, which was created to have “a neutral effect on share ownership and executive share plans.”
New WPP will have the same board and management team.
A full timetable of the scheme can be found via WPP website