HICL latest to move back to UK

HICL Infrastructure Company has become the latest infrastructure investor to announce plans to domicile itself back in the UK.

The firm said its board, along with its advisors InfraRed Capital Partners, have concluded that it would be "in the best interests of both the company and its shareholders as a whole to change the domicile and tax residency of HICL's investment business to the UK through the creation of a new UK incorporated company".

Full details of the proposal will be published "in due course", with an extraordinary general meeting to take place in the first quarter of 2019 to ratify the move.

"Subject to regulatory and other approvals, it is intended that the residency change to the UK be implemented with effect from 31 March 2019 or shortly thereafter," HICL said.

HICL is currently domiciled in Guernsey and is one of several infrastructure investors to have come in for criticism from MPs and others over its low-tax status.

Last month, 3i Infrastrucutre announced it had moved its tax residence and management to the UK.