The proposed move, which will take effect from September 1, will mean the group will no longer be required from a tax perspective to make its corporate decisions in Jersey.

Breedon said the group “gains little benefit” from being tax domiciled in Jersey, and bringing the company’s tax residency onshore “should be more efficient and beneficial from a management perspective”.

The company will remain incorporated in Jersey with its registered office remaining in St Helier.

Breedon will be required to amend its Articles of Association to reflect the change.