Budget 2011: international corporate

There is both much and little to say about this Budget from the standpoint of international corporate tax. Few new measures of real significance were announced. Yet Budget 2011 may come to be seen as a particularly important milestone in the development of a more competitive UK corporate tax system. In response to the Budget WPP and United Business Media announced that they will recommend or actively consider returning their headquarters to the UK. Other recently migrated UK companies may follow this lead. Contrast this with the situation six months ago. Back in October 2010 shortly after the government had confirmed its strategy for enhancing the UK's attractiveness as a location for international business Wolseley plc announced its intention to move to Switzerland pointing to savings in its effective tax rate and the lack of...