WPP moves back to UK today

FTSE 100 advertising giant WPP will become tax resident in the UK after more than four years in Ireland today, as it sets up a holding company in Jersey. The transfer, approved by shareholders last month, comes after changes to tax law ended the so-called “double taxation” on overseas profits. The move, which sees WPP shares transferred to the new company, means trading will close until the firm’s next earnings report.