Govt publishes corporate tax reform details

Date: 30th November 2010

The government has published a new paper outlining details of its corporate tax reform programme.

A series of "essential reforms" is included in the documents, which is designed to increase the tax competitiveness of the UK.

In addition to reducing the rates as announced in the June Budget, the coalition is set to introduce new Controlled Foreign Company rules and commit to creating a new Patent Box.

David Gauke, the exchequer secretary to the Treasury, said: "In recent years, too many businesses have left the UK amid concerns over tax competitiveness. It's time to reverse this trend. Our tax system was once viewed as an asset. And it needs to be an asset again.

"That is why the government is prioritising corporate tax reform. Responding to the concerns of business, the UK is headed for a more competitive, simpler and more stable tax system in the future, creating the right conditions for investment."

Posted by Jacob Williams