HSBC tax bill unlikely to be slashed by HK move

LONDON: HSBC’s possible relocation to Hong Kong is unlikely to save the British bank much tax - one of its reasons for maybe moving abroad - and could actually increase its bill, a Reuters analysis of the company’s filings shows.

HSBC said last year that it was considering a possible shift overseas from London, citing higher taxes and tighter regulation in Britain and a desire to be closer to faster-growing Asian markets. Analysts said HSBC’s former home Hong Kong, with a corporate tax rate of 16.5% against a British rate set to rise to 26%, was the most likely destination.