UK Remains A Good Place For Business
To give Rudyard Kipling’s immortal words a 21st century spin, if you can keep your head while all about you are losing theirs and blaming it on you, you have something in common with Theresa May, the British Prime Minister.
For sure, if reports are to be believed, there is some bungling afoot surrounding how the British Government appears to be handling Brexit – if there is a plan, it sure is keeping its cards squeezed tightly to its chest. I suppose May does deserve some credit for keeping her cool while tasked with arguably the UK’s biggest challenge since de-colonization.
But maybe May has been keeping abreast of recent tax developments and seen the recent news that, despite the UK’s decision to leave the European Union, Snapchat has chosen to establish its non-US base in London. The announcement comes hot on the heels of McDonald’s decision to transplant much of its non-US financing activity from Luxembourg to the UK. Both moves are being perceived as ringing endorsements of the UK corporate tax environment.
Perhaps there’s even more to it: perhaps businesses are not as concerned about the outcome of the Brexit negotiations as first thought. Reports of companies leaving the UK in the wake of the EU referendum are few and far between.
Businesses appear to be saying that, fundamentally, the UK remains a good place for business, irrespective of whether the UK goes for a soft Brexit, a hard Brexit, or merely a slightly wobbly Brexit.
For more information on this, and other topical international tax matters, please visit: https://www.cchgroup.com/roles/corporations/international-solutions/research/global-tax-weekly-a-closer-look