FTSE 100 company to leave UK because of tax

A FTSE 100 pharmaceutical company is to leave the UK in relation to tax concerns, it has emerged.

According to reports by City AM Shire Pharmaceuticals has taken the decision to relocate its head office outside of the UK.

The pharmaceutical company specialises in medication designed for the treatment of attention deficit hyperactivity disorder.

"Other countries and regions in Europe have stolen a march on the UK by offering fiscal incentives and tax breaks that are proving to be a great success," said Chris Sanger, head of tax policy at Ernst & Young.

"Although Gordon Brown as chancellor announced the reduction in the main rate of corporation tax … many would argue that is just not enough."

Prior to the move, the issued had been discussed under the consultancy services offered by PricewaterhouseCoopers, an organisation operating in a number of different sectors, including metals and insurance.