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If we vote for Brexit what happens
Comments
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https://www.ft.com/content/965059f0-8c87-11e6-8aa5-f79f5696c731
M&G is unlikely to move UK-based staff to Luxembourg, but it may add additional employees to the new business at a later date.
Nothing to worry about then.
Certainly not.The Henderson Diversified Income Trust (HDIV +
) is considering leaving its offshore bases in Jersey and Luxembourg and switching to the UK in a bid to simplify its structure and cut costs for investors.
In a statement to the London Stock Exchange the Jersey-domiciled investment company said its Luxembourg subsidiary had recently been affected by changes to tax law and practice in the Grand Duchy.
Tax policy around transfer pricing - which sets the price of goods and services sold between a subsidiary and its parent - had seen a number of developments, which could make the £160 million bond and loan fund's structure more complicated and riskier.
Transfer pricing has been at the heart over arguments about whether multi-nationals, such as Apple, Amazon and Starbucks, have unfairly reduced their tax bills by routing services through offices in low-tax jurisdictions such as Dublin and Luxembourg.
The company said: 'The board is exploring the possibility of simplifying its tax structure by electing to join the UK investment trust company tax regime, including changing its place of incorporation to the United Kingdom.’
James de Sausmarez, director of investment trusts at Henderson Global Investors, told Citywire that moving to the UK would avoid the cost of transfer pricing review in response to changes agreed by member countries of the Organisation for Economic Cooperation and Development.
He said the move would also take advantage of a change in UK taxation, which now allows investment companies to 'stream' interest from bonds and loans to shareholders.
When Henderson Diversified launched in 2007 this had not been possible and it had incorporated in Jersey. A Luxembourg subsidiary was added to hold the loans in the portfolio and avoid the double payment of withholding tax. These were no longer necessary, de Sausmarez said.
Henderson Diversified will consult with shareholders and make a decision later this year. If shareholders agree, Henderson Diversified and its Luxembourg arm would be liquidated and replaced by a new UK investment trust.
Luxembourg may well be the loser when the transfer pricing can of worms gets opened up fully. All those Juncker favourable tax deals?0 -
bizarre............................
Why do you think that isn't going to change?Calls for parity so everyone benefits from annual increases as a matter of fairness have been made in recent years but so far nothing has changed. Brexit takes the issue of what is fair and practical to another level, as it cannot be assumed the status quo will simply be replicated by a deal, however desirable this is. The concern for British expats is that they may be joining the ranks of those with frozen state pensions once the UK finally leaves the EU.
https://www.moneymarketing.co.uk/issues/28-july-2016/brexit-effect-ex-pat-state-pensions/
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Oct 10 British asset manager M&G Investments, the fund arm of insurer Prudential, plans to launch a Luxembourg fund range to ensure it can sell to continental European retail customers.
http://www.reuters.com/article/britain-eu-mg-idUSL8N1CG1I8
overseas investment by a UK based company seems like good news : this will see a profit/dividend stream coming back to the UK for years ahead.
sadly we been seeing the opposite for the last few years : been selling off our businesses in exchange for higher consumption in the short term although of course will suffer later.0 -
It's a bloc of 27 different countries all of which have their own agenda. Getting them to agree on anything is like herding cats.
What will determine the outcome of any trade negotiations are the interests of those countries that stand to lose the most - the ones listde in Thrugelmir's post.Thrugelmir wrote: »Is that why Germany and France dominate policy decisions?
The EU is far from it's goal of financial integration. When push comes to shove. Countries will protect their own industries first. Rather than the policy aims of the unelected few. Merkel has an election on the horizon. Sacrificing German jobs won't be on the manifesto that's a certainty.
It's a block of 27 countries once the UK formally leaves with their own agenda though have a common interest in making the EU a success with a "ever closer union".
Similar to what's in the UK, where England goes, so does Scotland, NI and Wales.
Folks here seem to believe that a 10% German cars to the UK would jeopardise such union but the reality is far from that as it has been repeated many times by most of their leaders.
4 freedoms are inseparable.
As the UK is aspiring to get the best deal, the EU is also doing the same for the whole of the union. Germany may lose 10% is selling you cars, but may gain in establishing financial services once the business returns to the continent.
The UK is very presumption to believe that every country will bow at her exit from the EU bearing gifts on a silver platter.EU expat working in London0 -
Thrugelmir wrote: »Is that why Germany and France dominate policy decisions?
At least that'll simplify trade negotiations - just reach agreement with Germany and France and they'll impose it on the rest of the EU.0 -
always_sunny wrote: »It's a block of 27 countries once the UK formally leaves with their own agenda though have a common interest in making the EU a success with a "ever closer union".
Similar to what's in the UK, where England goes, so does Scotland, NI and Wales.
Folks here seem to believe that a 10% German cars to the UK would jeopardise such union but the reality is far from that as it has been repeated many times by most of their leaders.
4 freedoms are inseparable.
As the UK is aspiring to get the best deal, the EU is also doing the same for the whole of the union. Germany may lose 10% is selling you cars, but may gain in establishing financial services once the business returns to the continent.
The UK is very presumption to believe that every country will bow at her exit from the EU bearing gifts on a silver platter.
Do Canada or S Korea accept free movement from the EU then?
We do not expect a silver platter, we expect something broadly akin to the almost total free trade deal Canada will enjoy, given the EU sells us 10 x more and for every 3 jobs of ours involved with EU trade, they have 5, focused in particular on certain core player nations. We are already aligned and the sales to us are real and present, so a rapid deal conclusion is likely.
Given they need much from us and certainly wont be sacrificing masses of workers involved in UK trade (French farmers enjoying UK Supermarket orders for example), a trade deal that allows current volumes to persist, is pretty likely, although once again we must remind ourselves our lives are full of goods and services (Google & Sony for example) that came here without the aid of any trade deal.0 -
It's not advantageous now with free trade.
But if the EU make trade more expensive and difficult to transact we'll make more stuff ourselves and buy less from the EU.
With current trade massively in the EU's favour, what we lose in exports will be more than compensated by increased UK production of stuff we currently import.
So we'll have to make more stuff ourselves because trade will become more difficult and/ or more expensive?
Struggling to see the advantage there. Aren't you?0 -
Do Canada or S Korea accept free movement from the EU then?
We do not expect a silver platter, we expect something broadly akin to the almost total free trade deal Canada will enjoy, given the EU sells us 10 x more and for every 3 jobs of ours involved with EU trade, they have 5, focused in particular on certain core player nations. We are already aligned and the sales to us are real and present, so a rapid deal conclusion is likely.
Given they need much from us and certainly wont be sacrificing masses of workers involved in UK trade (French farmers enjoying UK Supermarket orders for example), a trade deal that allows current volumes to persist, is pretty likely, although once again we must remind ourselves our lives are full of goods and services (Google & Sony for example) that came here without the aid of any trade deal.
And just to repeat that was a deal with Canada that has been under discussion since 2008 and still hasn't been ratified, I have no doubt there will eventually be some kind of trade deal with the EU even if freedom of movement is a genuine red line for us, but its highly unlikely to be in place by 2019, its also a deal with a lot greater political impact than the Canada one so isn't going to be a quick fix.
Neither side is going to be driven by purely economic considerations on this one, if they were we would be looking for a Norwegian style deal right now, full access to the single market with the right to negotiate or own trade deals externally. Instead the UK is caught up in the politics of immigration and the EU with the potential political impact on the stability of the union of giving us everything we want.0 -
And just to repeat that was a deal with Canada that has been under discussion since 2008 and still hasn't been ratified,
Again, we're already completely aligned and compliant, plus the EU is currently exporting 10 x more to us than Canada, so the 'it will take years' line is just a bedtime story.
BTW - assuming the EU decides to hamper it's own trade with WTO tariffs, what UK products / services would no longer be bought by them given our stuff is c15% cheaper due to currency movements?0 -
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