TaxAdministrationABI warns Treasury against ‘ill-thought-out’ taxes

ABI warns Treasury against ‘ill-thought-out’ taxes

ABI warns Britain’s standing as leading financial centre is under threat by ‘ill-thought-out tax changes

The Association of British
Insurers
has warned the Treasury that Britain’s standing as a leading
financial centre is in danger of being undermined by its changes to tax and
regulation.

The
ABI and the CBI made separate warnings, saying that, if the government made
hasty changes to banking regulation and pushed ahead with changes to the tax on
capital gains and non-domiciled workers, the financial services sector and the
country’s reputation would be damaged, The Times reports.

‘The US responded to the collapse of Enron with the Sarbanes-Oxley
legislation, with seriously damaging consequences for the American corporate
sector. We could be about to make the same mistake,’ Richard Lambert, CBI
director-general, said in a speech to the City. ‘Ill-thought-out legislative
responses to financial shocks can have very damaging consequences.’ he said.

The ABI reiterated its call for a compromise agreement for investment bonds
in the light of changes to CGT measures.

Further reading:

Three business leaders urge tax changes scrapped

How will it be for us, Darling?

Read
story in The Times

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