UK - no longer tax competitive?
The CBI recently published a paper setting out their view on why the UK corporate tax system is uncompetitive.
Basically the CBI has four areas of concern:
- The rising tax burden
- The increasing level of complexity
- Growing uncertainty
- Threat to revenues.
In the CBI’s opinion the key principles for a corporate tax system are:
- Simplicity and clarity
- Certainty and stability
- Neutrality, i.e. tax should not distort business decisions.
In their view the rapid legislative change coupled with inadequate scrutiny and consultation has added to uncertainty for all taxpayers. At present, looking at the position for individuals on capital gains tax and on the changes for those not domiciled in the UK, it is hard to argue with their view.
If you would like to read more, you can find the full document at http://www.cbi.org.uk/ndbs/press.nsf/0363c1f07c6ca12a8025671c00381cc7/c9f94d05d0d0975b80257403003c66a6?OpenDocument.
Date: 11th April, 2008
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