Commentary: Tax tourism means work for City firms, but at what price?
At a time when large corporate deals are few and far between, the decision of FTSE 100 pharmaceutical company Shire to relocate to Ireland has kicked off a steady stream of work for City law firms advising other companies looking to follow suit. Given that the deals are lengthy and expensive, and require large teams of lawyers, a handful of firms, led by Slaughter and May, seem to be doing pretty well from the mandates.Since Shire's announcement in the spring, at least four other companies have followed its lead. Most recently, office space rental company Regus said it was moving its operations to Luxembourg, following closely in the wake of United Business Media (UBM), Henderson Group and engineering group Charter, which have all decided to shun the UK in recent months. Each has declared they do not want to put up with the UK regime governing the taxation of overseas profits - maintaining that it is both punitive and territorial.
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