Shareholders approve UBM's UK tax base return
(Reuters) - Media and marketing services company UBM Plc (UBM.L) said its shareholders had approved a proposal to return the firm's tax base to the United Kingdom after four years in Ireland.
UBM, which organizes exhibitions, trade shows and conferences, said its board of directors believed the current legislative framework in Britain represents a significant improvement for multinational groups.
The company said it expects to become a UK tax resident from November 30. Earlier this month it said the move would have no material adverse impact on the group's effective tax rate or tax cash outflow for the foreseeable future.
UBM moved to Ireland in 2008, saying the country had a less complex system of taxation that would suit its structure.
Ireland's low corporation tax at 12.5 percent has become one of the main attractions for foreign companies, compared to Britain's rate of 24 percent.
Shares in UBM, which has some 6,500 staff in over 30 countries, closed at 728 pence in London on Monday.
The world's largest advertising group WPP (WPP.L) is also in the process of returning its headquarters to the UK and is expected to ask for shareholder consent in December.
(Reporting by Monika Shinghal in Bangalore; Editing by Neil Maidment)