GUS, one of the country's largest business, has decided Britain is not the place to grow an international business and is moving its Experian credit checking agency's base to Dublin.
The company, which also owns the Argos retail chain, said Experian could move to Ireland as soon October.
GUS's demerger document reveals Experian's corporate HQ will be in Dublin, its holding company incorporated in Jersey and that it will be tax resident in the Republic of Ireland.
"The UK's tax structure is fine if you're a UK stand-alone business but there are some elements which are unattractive if you are an international business," finance director David Tyler said.
"Legislation bought in by the Government means that elements of income of companies based in the UK that are earned outside the UK are subject to UK tax.
"Ireland provides a stable corporate tax regime that was designed to encourage international companies to be based there."
Despite the proposal, GUS plans to retain an Experian office in London and Experian's chief Don Robert is expected to be based there.
GUS also said Experian would raise £800m via the issue of new shares to pay down debt. Trading in the two new companies, Argos Retail and Experian, is due to start on the London Stock Exchange on October 10. GUS holders will receive one Argos Retail Group share and one Experian for every GUS share held.
James Quinn
Business leaders' EU letter adds little to In campaign