The Chancellor has said it is his priority to ensure that Britain remains the number one destination for business.
Britain has climbed up a World Bank league table which ranks countries according to how business-friendly their tax regime is.
A flagship plan to bring in digital tax reporting within the next few years is facing increasing criticism from accountants.
The Confederation of British Industry (CBI) has said it is essential that ministers lay out plans for a “pro-enterprise agenda” in the months ahead. The organisation this week published a submission setting out what it believes should be the Government’s
Senior business figures have urged ministers to simplify the UK’s corporate tax regime.
The Government has been asked to clarify the future of the UK’s VAT regime in the wake of the EU referendum.
Chancellor Philip Hammond has reaffirmed the Government’s commitment to cutting Corporation Tax before the end of the decade, but has apparently ruled out any reduction that goes beyond that set out in the Budget earlier this year.
The UK’s Corporation Tax could be cut to as little as 12.5 per cent a former cabinet minister has suggested.
Officials at HM Revenue & Customs (HMRC) have reported an increase in the number of businesses taking advantage of tax relief for research and development (R&D).
Chancellor of the Exchequer Philip Hammond has told European Union finance ministers that the UK government will not be dropping its corporate tax rate below 17 per cent, according to reports.