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ICAEW: corporate re-domiciliation needs more development

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Published: 12 Jan 2022 Update History

BEIS, HMRC and the Treasury propose introducing a facility for companies incorporated overseas to transfer their place of registration to the UK. ICAEW urges the government to consider the type of companies and activities it wishes to attract.

ICAEW’s Business Law Department and Tax Faculty have responded to the government’s proposals on corporate re-domiciliation.

Published as ICAEW REP 1/22, ICAEW’s response urges the government to consider the measures that might need to be put in place to ensure that all re-domiciling companies are able to meet the UK’s standards with regard to money laundering and other forms of corporate governance.

The response also includes high-level commentary on the potential tax consequences that could arise on the company itself and its shareholders if it were to re-domicile to or away from the UK. ICAEW notes in particular that this change could be an opportunity to reform the rules around determining the residence status of companies for UK corporation tax purposes.

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