Pearl considers tax efficient relocation
company may relocate its headquarters overseas, for tax purposes.
Mr Osmond, who has at different times been the entrepreneurial spirit behind the success of Pizza Express and Punch Taverns, has confirmed that plans to list some of the group’s investment funds offshore already exist.
In an interview with The Times, he stated that it would be a simple matter to move other business operations, including Pearl’s head office, to locations such as Dublin and Geneva that would provide tax benefits.
Business taxes are regarded as high in the UK with corporation tax at 28% and Old Mutual is another insurer known to be looking at the benefits of moving offshore.
In recent weeks, some of the countries leading entrepreneurs, including Mr Osmond, have been expressing their discontent at the UK’s personal and business tax burden.
Pearl currently manages £13.9 billion in closed life funds on behalf of 2.6 million policyholders.
Category: Companies News, Insurance News
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