Ineos Looks to Cut Tax Bill with Swiss Relocation
Friday, March 12, 2010 12:43
The UK’s biggest private company by sales—Ineos, is going to move its headquarters to Switzerland in a bid to save on tax bills.
It has become the latest and one of the biggest, of a string of UK companies that are moving abroad due to rising corporate and personal tax bills at home for some enterprises.
The chemicals company asked the lenders for permission to move its headquarters and tax residence to Switzerland to save up to £408m in the next four years, money that would have otherwise been paid in tax to the UK.
This move is subject ot an internal review and requires approval from two-thirds of lenders. Ineos announced that the savings would support future investment in skills, plants and technology, considered by the company to be critical to growth.
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