Playtech seeks to relocate corporate residency back to the UK
The board of Playtech Plc has proposed to investors that the company transfers its tax residency and corporate controls back to the UK.
The FTSE250 firm stated its intentions to relocate its corporate residency back to London from Douglas, Isle of Man, as part of its 2021 strategy.
Should the directive be approved, Playtech will seek to migrate its tax residency to the UK early next year which, according to the board, will have no underlying effective tax rate implications.
Playtech first registered as a UK business in 2006, allowing the company to float on the London AIM markets exchange.
Since 2012, the company has been Isle of Man domiciled, which the company ‘believed to be the most suitable tax regime for company operations’.
However, in its general meeting transcript, Playtech stated that the firm’s global operating structure would now be better suited to operating in London.
The statement read: “The Board now believes that given the evolution of the Company and to better align it with its expected future operational substance, there would be an overall benefit to migrating the Company’s tax residency to the UK with effect from early 2021.
“This would allow board meetings and board decisions to take place in the UK and, in addition, the Company would be able to hold shareholder meetings in the UK as a matter of course, which should encourage greater shareholder participation.”
Source: SBC News