HM Treasury published a draft ‘Tax Framework for Business’ this week. It sets out several “key principles to underpin the development of tax policy,” such as securing fairness, competitiveness and economic stability, and aims “to ensure new burdens and complexities are not created for UK business.”
The Framework was developed in discussion with the Business-Government Forum on Tax and Globalisation and is intended to provide greater certainty for large businesses about the Government’s approach to the development of tax policy.
The Chancellor of the Exchequer Alistair Darling said:
“The UK is a good place to do business and we want to keep it that way.
“Businesses want certainty on tax. That’s why I have set out, in collaboration with UK business, the Government’s key principles for tax policy and how we will engage with business when developing tax policy.”
He also encouraged businesses to provide their feedback on the Framework principles, which they can do via HM Treasury’s website.
‘Open & Transparent’ UK
Last weekend, Prime Minister Gordon Brown and Business Secretary Peter Mandelson met with over 250 international business leaders in London, including Jin Liqun, chairman of the board of supervisors of the China Investment Corporation, a multibillion-pound sovereign wealth fund.
“We are very actively looking for opportunities in Britain, on a large scale,” Liqun told the Guardian. “The UK is very open and transparent with low barriers of entry.”
But Harvard University professor Michael Porter cautioned Britain needs to keep investing in education, infrastructure and innovation, and resist market pressure to cut spending too early if it wants a lasting recovery – tax reform in itself is not enough, he said.
UK tax law: information and advice
Alternatively, you may want to speak with a business tax law adviser.
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