Tax Plans Make UK Attractive HQ Again: WPP's Sorrel
The UK government's plan to change its plans for taxes on overseas profit is the main reason advertising giant WPP is considering returning to the country, CEO Sir Martin Sorrell told CNBC Thursday.
"What drove us away was the uncertainty … on what the (previous) government would do with the taxation of overseas profit," Sorrell said.
The reduction of the corporate tax rate by 1 percent more than expected also helped WPP feel more inclined to leave Ireland for the UK, he said.
The government's approach to stimulating small business, to multinational corporate tax, and what it want to do in terms of the personal tax rate, and the abolition of red tape are all positive, Sorrell added.
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.
— Reuters contributed to this report