Henderson chief steps down as Irish tax move confirmed

Current equities head Andrew Formica has been chosen to replace Yates, who led the business for the past nine years. The firm’s new holding company, incorporated in Jersey, will bypass the UK’s 28% corporate tax rate in favour of an approximate 20% charge from 2009. It’s the fourth major company to flee the UK for tax purposes and will be a big blow to the UK Government, which is fighting to ensure its tax system remains competitive in the global market. Henderson chief executive Roger Yates says the firm will write to shareholders soon on the new corporate structure proposal. “As o...