TaxCorporate TaxTax stability underpins UK’s competitiveness

Tax stability underpins UK's competitiveness

Tax policy to play key role in future

Tax policy will be crucial in shaping the relative competitiveness of the UK
in financial services, a new report shows.

The Financial Services Global Competitiveness Group’s report says the UK can
only continue to provide an attractive location for international financial
institutions if it maintains a stable and competitive tax system.

The industry group has been examining medium and long-term challenges to
London’s success as a financial services centre since June 2008. It is
co-chaired by Chancellor Alistair Darling and former Citigroup Chairman Sir Win
Bischoff.

The report found that a stable and effective tax regime needed to have
certainty and simplicity, as well as ensuring a broad tax base. The industry
should move away from a ‘binary discussion on tax rates,’ it added.

Bischoff told
Tax
News
that he considers recent capital gains tax reforms to have been
destabilising to the UK tax system.

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