WPP will come home, Sorrell says after foreign profits move

WPP boss Sir Martin Sorrell today confirmed that he plans to move his advertising giant's tax domicile back from Dublin to London after the Budget.

The Evening Standard was first to report the move in yesterday's final editions (right) when Sorrell told this paper he was set to return.

"There has to be legislation enacted... [but] I think it looks as though we will make that recommendation," Sorrell told the BBC today. The WPP chief, whose company moved to Dublin in 2008, praised Chancellor George Osborne for easing rules on overseas corporate profits from controlled foreign companies, or CFCs, and cutting corporation tax by more than expected to 23%.

United Business Media, which also fled to Ireland, is "actively considering whether to relocate its corporate tax domicile to the UK".

But plumbing giant Wolseley said it is unlikely to change its mind after moving domicile to Switzerland only two months ago.