HSBC's possible relocation to Hong Kong is unlikely to save the British bank much tax - one of its reasons for maybe moving abroad - and could actually increase its bill, a Reuters analysis of the company's filings shows.
HSBC said last year that it was considering a possible shift overseas from London, citing higher taxes and tighter regulation in Britain and a desire to be closer to faster-growing Asian markets.
Analysts said HSBC's former home Hong Kong, with a corporate tax rate of 16.5 percent against a British rate set to rise to 26 percent, was the most likely destination. Some investors have said weakening growth in Asia and a reduction in a British levy on banks' asset bases announced last year, argues for HSBC to stay put.
But some analysts say Asia's better long-term growth opportunities and Hong Kong's lower tax rate may yet hold attractions for the bank.