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WPP considers move back to UK

The world's largest advertising agency, WPP group, has today confirmed it would consider moving back to the UK as its preferred tax domicile if a new government could guarantee overseas profits would not be subject to UK tax. The company was one of many which moved overseas (to Ireland) after a tightening of the UK tax regime which saw an additional tax burden introduced for overseas profits.

It is unclear whether the company is suggesting that the Labour government would amend tax charges or it would prefer a Conservative government but what is clear is that there is a need to balance up tax income against growth in business. However, the Conservative party has already pledged to introduce a tax regime which only taxes profits generated the UK. This is one of the defining lines between the Labour Party and the Conservative party as we approach the critical point of the UK general election.

There is no doubt that the business arena is behind the Conservative party at the moment due in the main to potential tax changes and the national insurance issue. It is vital that David Cameron keeps businesses on-site as they could prove very influential in the final days of the campaign.

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