Ineos says VAT row behind Swiss HQ move

CHEMICALS giant Ineos would have kept its headquarters in the UK for tax purposes if the UK government had agreed to a deferral of VAT payments, its chief executive said.

Founder and majority owner Jim Ratcliffe told a Sunday newspaper that Ineos – which is the UK's largest privately-held company and owns the Grangemouth oil refinery – had requested the temporary help to assist with "liquidity".

But when the government refused, Ratcliffe moved the group's tax base to Switzerland. He said he was frustrated at the company's inability to meet a minister to argue its case.

Ratcliffe added: "In the UK, corporation tax is 28 per cent, in Switzerland it is sub-10 per cent. It's going to get really, really crowded out there."

Ineos expects to save about 390 million through tax rates over four years.