Shell moves headquarters to the UK

[saptastic]

https://www.bbc.co.uk/news/business-59288593


Royal Dutch Shell has announced a plan to move its headquarters to the UK as part of proposals to simplify the company's structure.

The oil giant will ask shareholders to vote on shifting its tax residence from the Netherlands to the UK.
It also wants to do away with its dual share structure in favour of just one class of shares to boost "the speed and flexibility" of shareholder payouts.
Shell's chief executive Ben van Beurden will relocate to the UK.
The company's chief financial officer Jessica Uhl will also move, alongside seven other senior employees.


Shell moving a team of 8 to the UK.

Assume this is tax driven.

[courtg9000]

Where will the fleet of executive jets be based?
Shell currently has about at least a half dozen Embraers based at Rotterdam Airport for the use of its C-Suite team

[Eirikur]

https://www.bbc.co.uk/news/business-59288593


Assume this is tax driven.

It is Dividend tax to be exact, exactly the same reason why Unilever made the same move a year or so ago

[vetran]

It is Dividend tax to be exact, exactly the same reason why Unilever made the same move a year or so ago

So brexit has allowed companies to move to the UK for tax reasons? Who knew? Bet Ireland are scared

[Mordac]

So brexit has allowed companies to move to the UK for tax reasons? Who knew? Bet Ireland are scared

Probably not. It's a specific, new (since 1st Jan) Dutch tax on dividends (15%), which foreign investors have deducted at source regardless of where they are based. This means Shell shares are worth less (or even worthless) to large pension funds, and the sort of major investors which Shell wants, and has devalued their stock significantly.
It's a case of the Dutch govt shooting themselves in the head financially, but there is some suggestion this has been driven by an environmental agenda. If so, it's backfired massively, because now they won't be able to levy eco-taxes on Shell at all, and they've lost the vast majority of the taxes they could actually collect.
The only surprising aspect is that Shell have taken so long to make the move, as this was proposed about 3 years ago. They probably assumed the Dutch govt weren't as stupid as they turned out to be.

[vetran]

Probably not. It's a specific, new (since 1st Jan) Dutch tax on dividends (15%), which foreign investors have deducted at source regardless of where they are based. This means Shell shares are worth less (or even worthless) to large pension funds, and the sort of major investors which Shell wants, and has devalued their stock significantly.
It's a case of the Dutch govt shooting themselves in the head financially, but there is some suggestion this has been driven by an environmental agenda. If so, it's backfired massively, because now they won't be able to levy eco-taxes on Shell at all, and they've lost the vast majority of the taxes they could actually collect.
The only surprising aspect is that Shell have taken so long to make the move, as this was proposed about 3 years ago. They probably assumed the Dutch govt weren't as stupid as they turned out to be.

Interesting, so why didn't they move to France or Germany?

[saptastic]

Interesting, so why didn't they move to France or Germany?

I think the they have the same rules/tax as the Dutch

[vetran]

I think the they have the same rules/tax as the Dutch

so its EU wide? Hmm so another Brexit success?

[Mordac]

Interesting, so why didn't they move to France or Germany?

They were listed in London and Amsterdam, so it made sense to move their designated HQ to London (where they already have a large presence).

[vetran]

They were listed in London and Amsterdam, so it made sense to move their designated HQ to London (where they already have a large presence).

Most multinationals seem to like Dublin for tax reasons....