Home > Business Finance News > CBI investigates UK tax system

CBI investigates UK tax system

Published On 14 May 2007 at 12:10:16

The Confederation of British Industry (CBI) has launched a new task force with the remit of examining whether the corporate tax regime in the UK is still suitable for businesses, including small and medium-sized enterprises.

Charles Alexander, the president of GE Capital Europe, will chair the new Tax Task Force. He and his team will aim to establish how fit the UK business tax regime is and how it should adapt to future challenges.

"The need for the UK's headline rate of corporation tax to be at a competitive level is widely acknowledged - including by the chancellor," explained the CBI's director general, Richard Lambert.

"What is less well understood is how globalisation may be fundamentally changing the way in which businesses think about tax.

"To help UK businesses stay ahead of the competition, the CBI is proactively taking a strategic look at the whole issue so that our tax regime can become sustainable for the long-term."

In March, Chancellor Brown announced that the headline rate of corporation tax would fall to 28 per cent in 2008.

 

Related Business Finance News:

• FPB urges SMEs to prepare for higher interest rates
  8 June 2007 at 12:21:42
  A group which represents the interests of small and medium-sized enterprises (SMEs) in the UK has advised its members to take advantage of the Monetary Policy Committee's decision not to increase interest rates, and look for good fixed-rate loans.
• Businesses welcome rate decision
  7 June 2007 at 12:46:24
  Business leaders have welcomed the Bank of England's decision not to increase interest rates again.
• SME tax case goes to the Lords
  6 June 2007 at 12:44:49
  The Federation of Small Businesses (FSB) has backed a small business as its case against HM Revenue & Customs (HMRC) is heard in the House of Lords.
• Rain dampens retail sales figures in May
  5 June 2007 at 12:14:59
  Bad weather during May was partly responsible for the poor retail sales figures which small and medium-sized enterprises (SMEs) in the UK recorded in the month, a new report argues.
• Further rate rises 'will hurt SMEs'
  4 June 2007 at 17:01:38
  Ahead of next week's meeting of the Monetary Policy Committee (MPC), a group representing the interests of small and medium-sized enterprises (SMEs) has urged the Bank not to increase interest rates again.
• Bank offers free services to SMEs
  4 June 2007 at 09:01:54
  A leading high street bank has unveiled a new offer to try to encourage small and medium-sized enterprises (SMEs) to switch their banking services.
• Bank offers advice to start-ups
  31 May 2007 at 12:23:30
  A leading high street bank has launched a new service designed to help entrepreneurs start their own small and medium-sized enterprises (SMEs).