UBM joins the exodus from UK

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The shift follows that of Shire, the FTSE 100 pharmaceuticals group, which also moved its legal base to Jersey and its tax domicile to Ireland earlier this month.

UBM said its business had changed hugely in recent years. It has sold many UK businesses including the Anglia, HTV and Meridian ITV regions, Channel 5, Express Newspapers and NOP the opinon polls business.

On the other hand, it has spent £386 million on 52 acquisitions in the past three years, 39 of which are overseas.

UBS would not specify how much it hoped to save through the move, although the company said it "is expected to have a positive impact on earnings...in the medium term".

It added that no UK jobs are likely to be lost by the move.

UK corporation tax is charged at a basic 28% while in Ireland the basic rate is 12.5%.

UBM also said the UK tax system had caused it significant compliance costs.