McDonald's moves non-US tax base from Luxembourg to London

US fast food chain McDonald's is moving its tax operations outside the country to London, in a further sign that large corporations are shrugging off the economic consequences of Brexit.

The company's tax affairs in Luxembourg are currently being investigated by the European Commission's Margrethe Vestager, with her preliminary view being that the country gave McDonald's preferential tax treatment.

In a statement, McDonald's said that the new holding company would be based in London due to the fact that it already has a "significant number of staff" in the English capital.

It will have "responsibility for the majority of the royalties received from licensing the company's global intellectual property rights outside the US".

McDonald's also stated that the move to London was not related to the ongoing European investigation into its Luxembourg affairs.

"This unified structure will be administratively simpler and will reduce expenses and enhance flexibility," it said.

There were fears that several global companies would seek to relocate in places other than Britain after the region voted to leave the European Union in June. However, evidence so far suggests that has not yet materialised.

A spokesperson for prime minister Theresa May said the news was welcome.

"We welcome continued investment from companies around the world into the UK, particularly where that's securing growth and increasing jobs," the spokesperson said.