WPP to Move Headquarters Back to London

Advertising giant WPP Group has decided to move its headquarters back to Britain by creating a new parent company in London after four years domiciled in Dublin, as 97 percent of WPP shareholders voted for going back to London on Tuesday.

WPP, along with media company United Business Media and pharmaceutical firm Shire, moved its headquarters to Dublin in 2008, in protest of the British government's "dual taxation" policy.

The coalition government announced earlier this year that profits on a British company's foreign subsidiaries will no longer be subject to corporation tax from next year, unless they are "artificially diverted" from Britain.

Although this tax change is estimated to cost Britain 2.8 billion pounds in government revenues, British Chancellor of the Exchequer George Osborne said it would improve the country's business environment and attract more investment.

Last month, UBM led the move back to Britain when its shareholders voted almost unanimously in favor of it.

Britain is famous for its strong creative and cultural industry, which is estimated to generate 3 billion pounds a year. (1 pound = 1.61 U.S. dollars)

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