Brexit Risks Losing Corporate Tax Break Worth Billions in U.K.

[FreakinDJ]

British multinational companies face new withholding taxes that may cost hundreds of billions of euros a year if U.K. voters decide to leave the European Union, international tax specialists say.

A so-called Brexit “would have a major impact” on British corporations that have subsidiaries in the EU, said Daniel Gutmann, a partner at French law firm CMS Bureau Francis Lefebvre and a tax professor at the Sorbonne Law School. “It’s clear we’re talking about hundreds of billions of euros, or dollars.”

http://www.bloomberg.com/news/articles/2016-06-22/brexit-risks-losing-corporate-tax-break-worth-billions-in-u-k

[drray23]

1. they have been preparing for it

My brother is a vice president of a major multinational firm specialuzing in logistics. They have locations here in the us and all over europe. They are headquartered in London. He was telling me they have been putting together a plan to pull out of London and relocate the hq either in germany or luxemburg. I have no doubts many other major companies, not to mention financial institutions, have similar plans.