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.