Carey Olsen Advises Wolseley On Jersey Incorporation
Wednesday, October 13, 2010
Channel Islands law firm Carey Olsen has announced that it has advised FTSE company
Wolseley plc on the creation of a new group holding company, to be incorporated
in Jersey with tax residence in Switzerland.
Wolseley plc is the world’s largest specialist trade distributor of plumbing
and heating products to professional contractors and a leading supplier of building
materials, listed in the FTSE 100 on the London Stock Exchange.
Alex Ohlsson, the law firm’s Managing Partner said: "One of the
reasons Jersey is the leading offshore financial centre is because of the strength
and robustness of its legal and regulatory framework and it is good news that
a FTSE 100 company of this stature has the confidence to choose Jersey as the
place to establish its holding company.”
Ohlsson added: "As the leading legal adviser to FTSE and AIM listed clients in the Channel
Islands, Carey Olsen was delighted to assist Wolseley in the creation of an
international holding company."
Explaining its decision to shift its tax base from the UK, at the time, Wolseley
said that the board had concluded that establishing an international holding
company corporate structure in Jersey and Switzerland would provide the group greater certainty in its
tax position, as well as a lower effective corporate tax rate. The news was also seen as another vote of no confidence in the UK corporate tax system.