It said that the moves, unveiled in post-Budget press releases, would disrupt British business and adversely affect the competitiveness of the UK as a location for major companies.
The proposals abolish the so-called ‘Dutch-mixer’ structure whereby UK multinationals were able to average their overseas profits such that they only paid UK tax on those profits if the average rate of tax was less than the UK rate of 30%. They also include a number of detailed changes in the manner of calculation.
Heather Self, chairman of the institute’s technical committee, said: ‘We are disappointed that, after two years of consultation, the government has produced a proposal for radical change which was not foreshadowed in the consultation.’
She added: ‘The timescale is unreasonably short and insufficient account has been taken of the complexity of the new requirements.’
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