- The government intends to introduce an inward “re-domiciliation” regime that could allow non-UK incorporated companies to move their place of incorporation to the UK while maintaining their existing legal identity. It is also considering the possibility of a similar mechanism for outward re-domiciliation from the UK.
- A summary of responses to the 2021 consultation found respondents were broadly supportive of the proposal, however many noted that a regime alone would not be enough to attract overseas companies to the UK. The wider business environment (both in the UK and internationally) is likely to be the main driver.
- There was general support from respondents for re-domiciled companies to be treated the same as UK incorporated companies for tax purposes.
- Department for Business and Trade, in partnership with HMT and HMRC, will continue to refine this policy, engaging publicly as appropriate, and may consult further.
- In November 2023, it was announced that the Department for Business and Trade convened an expert panel to explore options for a UK corporate re-domiciliation regime to make it easier for foreign companies to relocate to the UK.
- Timing: a summary of responses was published on 12 April 2022. While the government remains committed to implementing the regime, there is currently no set timeframe, including for any further consultation.
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