Multinational bosses threaten corp exodus
Bosses from some of Britain’s biggest multinationals have warned of more companies moving offshore
Bosses from some of Britain’s biggest multinationals have warned of more companies moving offshore
After a group of bosses from some of Britain’s biggest companies confronted
Prime Minister Gordon Brown and Chancellor Alistair Darling at 10 Downing
Street, HM Treasury
may want to take another look at its rules on tax paid by multinationals in the
UK on dividends from their overseas operations.
The group, which included
HSBC’s Stephen Green;
Vodafone’s
Arun Sarin; and Glaxo Smith Kline’s Andrew Witty, representing the influencial
Multinational Chairmen’s Group, warned Brown and Darling, if this went ahead,
they would vote with their feet, according to The Times.
The group’s message for Brown and Darling was that Britain was at risk of a
mass corporate exodus. Treasury proposals to change the treatment of foreign
earnings had hardened the companies to general unrest about corporate tax.
Brown and Darling appeared surprised by the reaction to their tax proposals,
a senior tax laywer familiar with the meeting revealed. The strength of feeling
on the issue was apparently expressed most forcefully by Vodafone’s Sarin. ‘They
were only just waking up to what it really meant,’ the lawyer said.
Further reading:
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleUHY Hacker Young and audit engagement partner Martin Jones face fines of more than £300,00 following Laura Ashley audit breaches. Read More...
View articleIt is hard to argue that the Taxes Management Act 1970 (TMA), wouldn’t benefit from some substantial updating. It came into force back in the mists of...
View articleMorton became Tax Director of the Office of Tax Simplification, an independent office of HM Treasury, in 2017 Read More...
View articleThe Low Income Tax Reform Group believes the government should have included tax initiatives in its plans for disabled people and employment Read More...
View articleThe Upper Tribunal has rejected an appeal from HMRC in a case relating to the taxation of termination payments made to football player employees of To...
View articleThe revised guidance sets out the circumstances under which trustees need to disclose the identities of beneficiaries to HMRC Read More...
View articleAlthough the concept of a £1,000 tax-free allowance sounds very simple, there are a number of complexities of which taxpayers and advisers need to be ...
View article