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Special report: views from business on tax policies

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Report available to download here.

Last week, Tax Journal featured the end of term reports on the coalition government’s performance, as well as suggested future government tax policy, from several leading tax advisers; now it’s the turn of industry to share their views. Seventy five in-house tax directors and heads of tax from large companies, including FTSE 100, shared their views in response to a survey by Tax Journal and Pinsent Masons, on the coalition’s tax policies and priorities for the government to come.

Key findings are as follows:

  • There is overwhelming agreement (92% of respondents) that the coalition has been successful in delivering its aim of creating ‘the most competitive corporate tax regime in the G20, while protecting manufacturing industries.’
  • The diverted profits tax was less well received, with 71% saying it had undermined UK competitiveness, and mixed views on the success of the patent box.
  • 60% said the tax system does not adequately support infrastructure investment.
  • On enforcement and compliance, 72% said the process for resolving disputes is about the same as it was in 2010; 65% said HMRC’s LSS works well ‘on the whole’; and an evenly split vote on whether accelerated payment notices are a good idea.
  • A little over half of respondents believe the OECD’s project on BEPS will not deliver its stated aims.
  • 96% of respondents say protecting the current treatment of interest deductions is important or very important to UK tax competitiveness, and it emerged as a top priority in tax for the new government.

A report giving the full analysis, with verbatim comments from survey respondents, is available to download here.