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"UK should stretch its lead over other business-friendly economies"
Government ministers should stop attacking the tax arrangements of multinationals and instead further reduce the level of corporation tax, according to UHY Hacker Young.
The accountancy group has warned that “anti-business rhetoric” aimed at global giants such as Google and eBay risks damaging the UK’s enterprise-friendly reputation – which would be enhanced by dropping the headline corporation tax rate below the 20% to which it is set to fall in 2015.
“Some politicians seem determined to alienate major companies,” said UHY Hacker Young tax partner Roy Maugham. “Aggressive public criticism of business tax payments… can undermine the benefits that a low corporate tax rate provides UK plc.”
Maugham claimed the steady reduction to company tax has been one of the coalition’s most successful pro-business moves, and the UK now needs to press home the advantage it has created for itself.
“There is now clear blue water between the UK and key economic rivals on corporate taxes. The government shouldn’t miss an opportunity to stretch the lead. Further widening the gap… will create a real magnet for business”
