TaxAdministrationCompanies keen to move tax away from UK

Companies keen to move tax away from UK

UK tax competitiveness slipping, says survey

The number of companies thinking of shifting their tax base away from the UK
has more than doubled since 2007, KPMG’s annual survey of tax competitiveness
has found.

Fourteen per cent of Britain’s 50 largest businesses were actively
considering moving their tax residence in 2008. One company had already made the
shift.

The survey was carried out moments before the pre-budget report at the end of
November 2008, which announced exemptions on foreign-earned dividends from UK
tax.

The UK is at a tipping point, and is in danger of losing investment and jobs
because of its tax laws, Sue Bonney, head of tax at KPMG Europe said.

“If the trickle of companies leaving is to be prevented from becoming a
flood, further action is needed, and quickly.”

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