Informa heads for the hills (of tax exile)
Informa, the international publishing & events group – best known in the legal sector for the Legal IT exhibition in Islington, plus the By Legal For Legal and Legal IT Forum conferences – is quitting the UK for Switzerland for tax purposes and to avoid the new 'double taxation' rules on overseas earnings that come into effect on 1st July. The company says the move is 'not political' but will save the group about £10million a year.
All we can say is Switzerland? Doesn't Informa remember the Harry Lime speech in the movie The Third Man… “You know what the fellow said – in Italy, for 30 years under the Borgias, they had warfare, terror, murder and bloodshed, but they produced Michelangelo, Leonardo da Vinci and the Renaissance. In Switzerland, they had brotherly love, they had 500 years of democracy and peace – and what did that produce? The cuckoo clock.”