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Tax risk growing in UK

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Asset management and private equity firms view the UK as the second riskiest market in which to do business after China, according to research commissioned by global law firm Ropes & Gray. The UK is rated above-average on nearly every risk factor compared to developed markets in general, with competition and antitrust, corporate governance and shareholder activism, cybersecurity, intellectual property, regulation and compliance, as well as tax, all attracting high risk ratings. Tax was cited as a major risk factor by 38% of respondents, with 36% expecting to allocate more resources to tax related risks in the coming year.

The research was based on a global survey of 300 senior level executives in multinational businesses in North America, EMEA, Asia Pacific and Latin America, in the banking, asset management, private equity, life sciences, healthcare and technology sectors.