Rachael Singh, Accountancy Age, Tuesday 21 September 2010 at 09:07:00

Deloitte's global entity has made the UK its new legal home


Deloitte Touche Tohmatsu has shifted its legal registration to the UK fromSwitzerland.

It is thought the international accountancy firm moved due to legalcontroversy on its Swiss status as a verein ? a membership structure intended tobe used by sports club and unions,TheGuardian reports.

A Deloitte spokeswoman confirmed to the publication that from late July thefirm's management and governance had been assumed by a newly created UK privatecompany.

"After decades of operating as a Swiss verein, we recently decided to take afresh look at our legal structure in order to determine whether it was theoptimal organisation, now and in the future," she said.

"We concluded that, although the verein structure had served us well over theyears, we had outgrown it."

The Treasury is unlikely to incur higher taxes from the move as the structureof the business means each firm pays its taxes on a country-by-country basis.

Deloitte has more than 160,000 employees globally and operates in more than40 countries.

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