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Business tax: Tax competitiveness

The Conservative Party's election manifesto includes a commitment to set out in its first Budget 'a five-year road map for the direction of corporate tax reform providing greater certainty and stability to businesses'.

The Labour Party pledged to 'keep business taxation competitive at the same time as we increase capital allowances to encourage investment'.

Responding to consultation on the Government's Tax Framework for Business the final version of which was released at Budget 2010 the ICAEW Tax Faculty endorsed the Government's stated objective to maintain a competitive tax system but said it was concerned that the system is now 'less competitive than it was'.

The Faculty called for an independent study to make recommendations for improving the UK's competitiveness and report at PBR 2010.

KPMG published a 'UK tax competitiveness survey' last month. The firm concluded that while a 'mass exodus' from the UK...

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