Playtech Plc’s board suggested to shareholders that the company transfer its tax residency and corporate controls back to the UK.
As part of its 2021 strategy, the FTSE250 firm stated its plans to relocate its corporate residency back to London from Douglas, Isle of Man.
Playtech will aim to move its tax residency to the United Kingdom early next year if the Directive is accepted, which according to the Board, will have no underlying effective tax rate implications.
In 2006, Playtech first registered as a UK company, allowing the company to float on the London AIM exchange market.
The company has been domiciled in Isle of Man since 2012, which the company ‘believed to be the most suitable tax regime for company operations.’
Playtech, however, claimed in its transcript of the general meeting that the global corporate structure of the organisation will now be best 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.”