TaxCorporate TaxUS business group sound UK tax warning

US business group sound UK tax warning

US multinationals warn that UK foreign profits tax changes could harm investment

Plans to reform the taxation of foreign profits in the UK could have an
adverse effect on inward investment, a group of US multinationals has warned.

The National Foreign Trade Council, which represents 300 US businesses with
operations abroad, has written to chancellor Alistair Darling arguing that some
measures the government is planning to adopt could ‘have the effect of
discouraging the inward investment from the US, which historically has been so
important to the UK economy’.

The FT reports that the main issues the US organisation is concerned
about are changes to tax on property, intra-group treasury operations and
post-acquisition restructuring.

There are also fears for the onerous burden of compliance with some
anti-avoidance measures.

Further reading:

UK changes ‘will outdo Luxembourg’

UK tax rate drops down leaderboard

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