The reforms entail the abolition of company profits taxation, replacing it with a payroll tax, (£3,000 per employee), and a business property occupation tax. Financial services and utilities would face top-up taxes on profits at 8% and 35% respectively.
Brussels thinks that these changes could give Gibraltar companies an unfair advantage over other British businesses, in effect giving them illegal state aid subsidies. This is – notably – because total tax liability would be capped at 15% of profits or £500,000, whichever is the lower. If a company makes no profit, it would have no tax liability.
Committee expresses concern about costs to businesses and April 2018 implementation date
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
Top 25 firm HW Fisher & Co has acquired London firm Rhodes & Rhodes
Top Ten firm RSM has appointed Nick Blundell as its head of corporate tax in Birmingham