Britain becomes haven for U.S. companies keen to cut tax bills

World News: . []

The HM Treasury name is seen painted on the outside of Britain's Treasury building in central LondonYet, on paper at least, it is also home to Rowan Companies, one of the largest operators of drilling rigs in the world. In 2012, Rowan, which has a market value of $4 billion, shifted its legal and tax base from the United States to Britain. “We changed our corporate structure and we’re legally domiciled in the UK but our headquarters and our management team remain in the U.S.,” Suzanne Spera, Rowan’s Investor Relations Director said in a telephone interview from Houston. We take advantage of trying to be competitive with our effective tax rate.” Indeed, Rowan filings say the shift helped cut the company’s effective tax rate to 3.3 percent in 2013 from 34.6 percent in 2008.


Read More: http://news.yahoo.com/britain-becomes-haven-u-companies-keen-cut-tax-061010450.html

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