Banking giant HSBC responded at the weekend to speculation that it is planning to move its corporate headquarters from London, announcing that it has "no current plans to relocate".
Following a stream of recent relocations to more tax-friendly climes by businesses such as pharmaceutical firm Shire, and fund management firm Henderson Group, HSBC's three yearly review of its operations prompted commentators to suggest that it might join the exodus, at significant cost to the government's finances in terms of tax revenue.
However, in a statement released at the weekend, the banking group announced that:
“As you would expect, a company of HSBC’s scale periodically reviews a range of issues in the interests of competitiveness and its shareholders...It is our opinion that London remains a crossroads of the world, both geographically and culturally, and we have no current plans to relocate our head office.”
A comprehensive report in our Intelligence Report series looking at offshore and onshore corporate structures and their tax implications is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report7.asp
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