London — Snap, the Los Angeles-based maker of the popular Snapchat messaging app, has named London its international headquarters and said it will pay UK taxes on sales booked in some overseas markets. Snap, which has been prepping for an initial public offering (IPO), has been adding office space in London’s Soho neighbourhood to accommodate the approximately 75 employees it has in the city — up from six last year. Snap said it will book revenue in the UK on sales made in the country, as well as in territories where it has no local entity or sales team. The company, which also recently opened an office in Paris, contrasted the tax structure with other Silicon Valley firms which have come under scrutiny from government regulators for making areas such as Ireland or Luxembourg their European hubs to take advantage of more favourable tax rates. The move is a win for the UK as it attempts to lure businesses to the country following the June vote to exit the EU. London is a hub for the ...
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