Banking giant HSBC Plc may start looking outside of the UK for a new headquarters because of Britain's high corporate taxes, according to recent reports.

However, a spokeswoman for HSBC/Bank of Bermuda refused to comment on whether Bermuda was being considered as a potential domicile.

HSBC, which completed the purchase of Bank of Bermuda last year, is set to review the location of its headquarters in six months' time, when it will take into account factors including tax, but also regulation, transport and quality of life.

The bank's head of financial planning and tax, Chris Spooner, said in a speech at the recent Chartered Institute of Taxation conference, that the bank was no longer happy with the tax situation in Britain.