Fiat Industrial seeks tax residence move to the UK

(Source: Reuters)

Fiat Industrial, the producer of commercial vehicles including trucks and tractors, will look to move its tax residence from high-tax Italy to the UK according to a US stock market listing filing.

Following the merger with its CNH unit, the new group FI CBM would benefit from a lower tax hit. The coalition government has cut corporation tax since coming into power, making the UK a more attractive residence for business.

[FI CBM] intends to operate in a manner to be treated as resident in the United Kingdom for tax purposes.