Basildon: Fiat Industrial Relocation Plan

Fiat Industrial, the Italian truck and tractor manufacturer, says it's planning to move to the UK for tax purposes.

The company wants to set up its HQ in Basildon in Essex to take advantage of lower corporation tax rates.

Last year it paid £455 million in tax in Italy - an effective rate of 36 percent.

The UK's been cutting corporate taxes, with an aim for a 20 percent rate in 2015.

Fiat split its industrial vehicle business from its car unit in 2011 in a move aimed at giving birth to a global automative company with Chrysler.

Fiat Industrial includes CNH agriculture and construction vehicles and Iveco trucks. 

The company already a plant in Basildon registered under the name of DutchCo.

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