The government has announced its intention to remake and enhance existing rules giving US and Japanese companies moving to the UK up to 4 years to adopt British accounting principles, for their group accounts.

The measures will reduce the cost of settling in the UK for eligible companies and will allow Britain to become an even more attractive base for international businesses.

The measures were originally introduced on a temporary basis in 2012 and allowed companies listed on the US or Japanese stock exchange 3 years to transition accounting practices when moving to Britain. Under the new rules the transition period has been increased to 4 years to provide further flexibility.

Business Minister Baroness Neville-Rolfe said:

“These rules make it simpler and more cost effective for companies to bring business and jobs to the UK, without undermining the value we place on consistency and transparency in company accounts.”