Advertising giant WPP is likely to move its tax base back to the UK from Ireland following changes to taxation proposed in yesterday's British budget.
'There has to be legislation enacted... (but) I think it looks as though we will make that recommendation,' WPP's chief executive Martin Sorrell told BBC radio.
British Chancellor George Osborne said yesterday he would speed up a planned cut in corporate tax and push ahead with plans to change the taxation of profits earned overseas by UK businesses. Mr Osborne today welcomed WPP's move.
WPP had moved its tax base to Ireland over what it said was uncertainty over the future of UK taxation policy, and Britain has also had to fight hard to keep its top banks headquartered in London following moves to raise a bank levy.
Last year, British plumbing and construction group Wolseley said it planned to take Swiss tax status.
Other companies which have moved their tax headquarters away from the UK include British business media group Informa, which shifted its tax base to Switzerland, and drugmaker Shire which moved its tax base to Ireland.
