TaxAdministrationBrown tries mending fences with business

Brown tries mending fences with business

Brown promised to cut corporate tax further in another attempt to mend fences with UK's multinationals

Prime Minister Gordon Brown yesterday acknowledged the corporate anger over
the latest tax increases, promising to cut corporation tax further, in a second
attempt to stem the exodus of UK companies abroad.

‘The dialogue I agree can be better and will be better,’ he told the
Institute of Directors annual conference and promised the tax review announced
last Tuesday could ‘look at all aspects’ of the regime.

He rejected a suggestion that last month’s increase in capital gains tax and
levy on non-domiciled foreigners was proof business was lower on Labour’s list
of priorities. ‘Our aim, I tell you, is to reduce corporation tax even further
when we can afford to do so. I want to go further and we’re looking at how we
can do it,’ he said.

International Power is
the latest multinational to consider moving its corporate headquarters away from
the UK because of dissatisfaction with the tax reforms, while Aegis and ITV are
also watching developments, according to the Financial Times.

Further reading:

WPP considered leaving UK over tax

UBM move angers Treasury

Read
the Financial Times story

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