B2B publisher and event organiser United Business Media (LSE: UBM) (UBM) is quitting the UK for Ireland in a move designed to reduce its tax burden. As FT.com notes, UBM last year paid 17 percent tax (21.5 million). In a UBM statement: "The UK tax system imposes tax on all companies in a worldwide group, and consequently UBM has had to manage the interaction between the UK tax system and the tax systems of the multiple countries in which UBM operates. This has given rise to both significant compliance costs and risks of inadvertent tax charges arising." FT.com: "The move will be made by creating a new holding company, known as "new UBM", which is UK-listed but incorporated in Jersey and domiciled for tax purposes in Ireland." UBM assets include PRNewswire, nice sites like Gamasutra and the Games Developers Conference.
By Robert Andrews