ICAEW demands cut in corporation tax

The ICAEW argues that the move must be made to 'consider the long-term competitiveness of UK plc'.

It argues that other European countries have been reducing their taxes and contrasts the UK rate of 30% to Ireland's of 12.5%.

There is also a call to make sure the UK tax system is well-prepared to cope with the move to International Accounting Standards.

David Illingworth, president of the ICAEW, said: 'It is vital to consider reforms which would make the UK a more attractive location for conducting international business rather than merely increasing the existing regulatory burden on UK companies.'

The pre-Budget speech takes place on 10 December, with full coverage on AccountancyAge.com and in the 11 December issue of Accountancy Age.