To be Shire, to be Shire

UK pharmaceutical company Shire has announced it is moving its tax base from Britain to Ireland to cut its tax bill.

The move will mean Shire will be able to avail of Ireland's 12.5% corporate tax rate on its global earnings, instead of paying 28% in the UK.

Shire will remain headquartered in the UK, but it will create a new holding company in Jersey and pay tax in Ireland.

There is no job creation for Ireland associated with the change.

Source