WPP set for UK return

WPP Group is set to move its tax base back to the UK following changes to the UK tax regime announced in yesterday’s (23 March) budget.

Sir Martin Sorrell
Sir Martin Sorrell

The global marketing services group, which makes about 90% of its profit outside the UK, moved its tax-base to the Republic of Ireland in 2008 because of concerns over the tax on profits earned from overseas businesses.

Chancellor George Osborne announced yesterday (23 March); however, that corporation tax will be cut by 2 percentage points to 26% from April, up from the 1 point originally planned.

He also said he would press ahead with plans to reform taxation of profit earned by UK-based firms on overseas income.

Sir Martin Sorrell, chief executive of WPP, told BBC Radio’s Today show that as long as legislation is introduced he and the company’s finance and tax bosses would put the proposal to return to the UK to the WPP board for approval.

The majority of WPP staff still work in the UK. WPP -owned agency, insight and marketing services networks such as Ogilvy, Grey, GroupM and TNS employ thousands in the UK.

Latest from Marketing Week

PLEASE SIGN IN OR REGISTER. IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and inspiration that will help you develop as a marketer and leader.

Register and receive the best content from the only title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work, so we can make Marketing Week more relevant to you.

Register now

THE BEST CONTENT

Our award winning editorial team and columnists will ask the biggest questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we will be your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Dedicated to developing your skills and helping you achieve marketing excellence. Find guidance on leadership, professional development and the latest industry jobs.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here