Royal Dutch Shell PLC shareholders were expected to vote on Friday to approve a plan to get rid of the company's dual share structure and move its headquarters to London from The Hague.
A logo for Shell is seen on a garage forecourt in central London March 6, 2014. REUTERS/Neil HallShareholders to vote on Shell simplification, London moveDutch withholding tax was a factor in Shell's decisionMove will have no impact on environmental policy, company saysshareholders were expected to vote on Friday to approve a plan to get rid of the company's dual share structure and move its headquarters to London from The Hague.
Taxation was a factor. Because the company's headquarters and tax home are now in the Netherlands, dividends it pays on its "A" shares are subject to a 15% Dutch withholding tax. Equal payments for "B" shares are distributed through a "Dividend Access Mechanism" that sees them streamed through a trust registered on the Channel Island Jersey to avoid the Dutch tax.
The new single-share structure and British tax home will resolve those issues, as Britain does not levy a dividend withholding tax.sale of gas assets in the U.S. to ConocoPhillips. The Dutch government says it is "disappointed" by Shell's decision to leave and a member of parliament for the Green party raised the idea of levying an "exit tax" on the company. That has failed to gain support.Reporting by Toby Sterling; editing by Richard PullinSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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