WPP set for return to UK in January
WPP is planning to return its tax base to the UK from Ireland in January, if at least 75% of voting shareholders approve the move at a meeting on 11 December.
Sir Martin Sorrell: group chief executive of WPP
The move involves the creation of a new parent company for the WPP Group, called New WPP, which is intended to have a neutral effect on share ownership and executive share plans.
In its announcement, WPP also provided a brief update on trading, revealing that flash revenue numbers for October indicate like-for-like revenue growth "at a similar level to the third quarter [which was 1.9%] and better than September".
The company revealed in August that it was planning the shareholder meeting to approve the return, which WPP considered after the coalition Government reformed rules on the taxation of foreign profits that were introduced by the former Labour government.
WPP, which makes nearly 90% of its revenue outside the UK, moved its headquarters to Ireland in 2008 in response to Labour’s change.
Sir Martin Sorrell, the WPP chief executive, said at the time: "It was a significant economic decision. It is a difficult decision, but it was one the board felt it had to make in the interests of shareholders."
This article was first published on campaignlive.co.uk
Latest jobs Jobs web feed
- Copywriter fishtank 25k to 40k per year GBP, Marlow, Buckinghamshire
- PR Account Director fishtank 40k to 55k per year GBP, Surrey
- Head of Marketing fishtank 45k to 60k per year GBP, United Kingdom
- Digital Search & Acquisitions Officer Topshop Up to £30,000 per annum + benefits, London
- planner > SHOPPER EVANGELIST > brilliant role for those SUITS looking to move across into PLANNING collectivo £30-40k + bens, London
- Marketing Executive Warner Bros £ Competitive + benefits, Holborn, London
Big Questions Live - Social Media, User Generated Content and the Power of Customer Insight (Webcast) External website
Brand Republic’s first ever online TV show, Big Questions Live wil...
The PR industry’s lack of success at the Cannes Lions festival 201...
Confused by hashtags? Tweetchats? Tweet walls? You’re not alone.Wi...
It’s fair to say we are truly in the age of content marketing, the...
As a nation, the UK is media and technology obsessed with over half of t...
All customers have the potential to become your brand advocates, driving...