A SENIOR HBSC official has admitted that the UK may no longer be an attractive place to be based for tax purposes, raising the possibility that the world's second largest bank could move its head office to another country, reports the Guardian.
It says HSBC moved its headquarters and tax domicile to the UK from Hong Kong in 1993 as a condition of its takeover of the troubled Midland bank. It pays more than £370m into the chancellor's coffers each year. But the international nature of its business and the jet-setting tendencies of its top executives have regularly provoked speculation about the bank's long-term plans. The bank makes no secret of the fact that it reviews the location of its head office every three years but has so far concluded it should stay in the UK, illustrated by the construction of a new tower in London's doc...
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