UK investment banks have been offered long-term tax breaks in exchange for relocating to France.
French president, Nicolas Sarkozy, has approached several European heads of investment banks with offers of incentives lasting up to 20 years in an attempt to lure banks out of London.
It is understood Sarkozy also raised the spectre of unilateral UK taxes on banks if international bank taxes could not be agreed, as seems likely.
Concerned over a potential exodus, the British Bankers’ Association (BBA) has since urged ministers to delay launching new rules on pay, bonuses and banks’ capital holdings.
Whilst some banks have reduced their investment in the City, it is thought unlikely the big investment banks will relocate their European headquarters out of London.
.Tags: tax | investment | banking | corporate headquarters | corporation tax | France | United Kingdom
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