BusinessCompany NewsDarling to address CBI as tax panel takes shape

Darling to address CBI as tax panel takes shape

Chancellor expected to try and appease influential employers' body angered at changes to the foreign profits taxation framework as seven FDs named on business-government forum list

Alistair Darling is to deliver a speech to the CBI tomorrow in a bid to
convince the group that the planned overhaul of the taxation of foreign profits
rules will not lead to companies heading out of the UK.

His address will come in the same week as the guest list for the business-
government tax forum on UK competitiveness is fleshed out.

Julian Heslop of GlaxoSmithKline, BP’s Byron Grote, Hanif Lalani of BT,
Duncan Tatton-Brown of Kingfisher, Unilever’s James Lawrence HSBC’s Douglas
Flint and Andrew Shilston of Rolls Royce are the finance chiefs that have been
given a berth on the board.

At the CBI meeting,Darling is expected to give assurances that the new rules
will not raise any extra revenue in any particular sector because some companies
may actually benefit from the changes while others shoulder a higher tax burden.

The Treasury told the FT: ‘There is no intention of widening the tax net and
using these proposals to increase tax revenues.’

Further reading:

UK
corporates moving overseas: will they stay or will they go?

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