The government has published responses to the public consultation on the introduction of a UK corporate re-domiciliation regime and thereby bringing the UK into line with most European and global counterparts (see bit.ly/3xsv9Ug).
Overall, respondents were broadly supportive of the government’s proposal to introduce a corporate re-domiciliation regime and noted that existing routes to relocate companies are cumbersome and costly. However, many respondents noted that a regime in itself would not be enough to attract overseas companies to the UK; the wider business environment is likely to be the main driver for attracting overseas companies to re-domicile to the UK. Respondents agreed that a regime should be flexible but recognised the need to balance simplicity of design with sufficient rigour and appropriate checks and clarity around the process and how the regime would work in practice.
The government confirms that it intends to introduce such a regime. However, more detailed analysis and engagement is needed before that is possible. The government will therefore continue to develop these proposals, including further formal consultation as appropriate.
The government has published responses to the public consultation on the introduction of a UK corporate re-domiciliation regime and thereby bringing the UK into line with most European and global counterparts (see bit.ly/3xsv9Ug).
Overall, respondents were broadly supportive of the government’s proposal to introduce a corporate re-domiciliation regime and noted that existing routes to relocate companies are cumbersome and costly. However, many respondents noted that a regime in itself would not be enough to attract overseas companies to the UK; the wider business environment is likely to be the main driver for attracting overseas companies to re-domicile to the UK. Respondents agreed that a regime should be flexible but recognised the need to balance simplicity of design with sufficient rigour and appropriate checks and clarity around the process and how the regime would work in practice.
The government confirms that it intends to introduce such a regime. However, more detailed analysis and engagement is needed before that is possible. The government will therefore continue to develop these proposals, including further formal consultation as appropriate.
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