In November 2010 we completed the incorporation of Wolseley plc in Jersey, a new holding company for the Group, tax resident in Switzerland.
Wolseley plc was incorporated and registered in Jersey on 28 September 2010 under the Jersey Companies Law as a public company limited by shares under the name Wolseley plc with registered number 106605.
The business case for redomiciling was compelling. The Board felt strongly that action was required to keep the Group’s effective tax rate competitive and that the action was in the best interests of shareholders.
The redomiciliation does not make any substantive changes to our corporate governance or to any existing investor protection measures, nor has it had any adverse tax implications for shareholders.
The Board will keep the Company’s position under review should the UK tax environment change materially.