UK firms consider international relocation to escape tax manPost by David Elliott on 26th August 2010 in Working abroad An estimated one in five big businesses in the UK has
thought about leaving the country to escape British corporation tax.
A survey carried out by research firm TNS-BMRB, on behalf of
HM Revenue & Customs (HMRC), also found that 64 per cent of firms believe
the amount of red tape they have to deal with has increased in the past year.
Speaking to The Telegraph, Roy Maugham, a tax partner at
accountancy firm UHY Hacker Young, said if just a fraction of the companies
questioned went ahead with international relocation then it could “decimate” UK
tax revenues.
He said: “Whilst the Treasury might feel that deficit
reduction means it cannot cut business taxes too quickly, there is also a risk
to the UK's finances from having a tax system that is uncompetitive compared to
places like Ireland.
“UK companies feel that they are the goose that
has been well and truly plucked by HMRC and the Treasury.”
Related Articles
Back to News Home Page |
