TaxCorporate Tax‘Treasury to net £100bn in offshore profits’

'Treasury to net £100bn in offshore profits'

KPMG tax expert makes bold claim

Corporate tax reforms being considered by
HM Treasury could see £100bn of
profits lodged abroad brought back to the UK, with some £10bn to £15bn to come
thereafter, according to Chris Morgan, head of international corporate tax at
KPMG.

Morgan
made this bold claim in an article today’s Independent
with reference to a
discussion paper issued by HM Treasury entitled ‘Taxation of the foreign profits
of companies: a discussion document.

Morgan said that because such profits are left overseas rather than being
brought back to the UK and subject to tax, the new rules, in effect exempting
them from tax, will indeed, would be revenue neutral (as promised by the
Treasury).

He concluded this would leave the UK with a more liberal regime than France,
Germany or the United States.

Further reading:

Wide-ranging business tax reforms on the cards

Treasury’s corporate tax consultation due today

Gibraltar prepares to overhaul corporate tax

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