New corporate re-domiciliation report published

The Independent Expert Panel on Corporate Re-domiciliation (appointed by the Department for Business) has published a report setting out proposals for a framework for a UK corporate re-domiciliation regime. The panel ‘strongly supports the introduction of a two-way re-domiciliation regime to allow bodies corporate registered outside the UK to become a UK company and also to allow UK companies to re-domicile outside the UK’. Section 6 of the report sets out the main tax implications including potential changes that would be required to UK tax legislation to enable both inward and outward re-domiciliation.

In a written statement Jonathan Reynolds Secretary of State for Business and Trade welcomed publication of the report: ‘A UK re-domiciliation regime would increase the ease with which companies could move their place of incorporation to the UK minimising costs and risks that could otherwise arise from the alternative routes and...