TaxCorporate TaxTax denting UK’s top city status: CBI/KPMG survey

Tax denting UK's top city status: CBI/KPMG survey

London in danger of losing its tag of the world's leading financial centre because of the new 50% tax regime

Companies are concerned London could lose its top financial city status
because of the 50p rate of income tax.

57% of those polled in the KPMG/CBI study feared the higher rate could stop
businesses from choosing London as a base or staying in the UK in the long-term.

Nigel Bourne, director of CBI London, said: “Even though most companies rate
the capital as a good or very good place to do business, the cost of operating a
business in London, the level of taxation and the transport system are all seen
as denting its ability to compete on the world stage.”

However, the survey found 53% were still optimistic about their future
business prospects, up from 47% six months ago.

58% of companies plan to expand their business in the next 12 months, with
32% of those planning to expand within London.

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