Britain placed second only to Ireland, as the most attractive tax regime in the world.
According to a survey of 77 of the UK’s largest listed companies and 58 non-UK companies, half of the respondents ranked Britain in the top three, while 62 per cent named Ireland.
The findings could boost confidence in the UK’s ability to attract business after Brexit, despite 10 per cent saying the decision to leave the EU had made them more likely to move their tax residency outside Britain.
A spokesperson for the report says: “Businesses look for stability and predictability from tax regimes, not just attractive rates. The UK has largely maintained a business-friendly tax regime compared to many of its rivals. This survey shows that once a business starts operating in the UK, they tend to recognise the attractiveness of the country’s economic and tax environment and are likely to keep their base here.”
Meanwhile, trade secretary Liam Fox says Britain risks losing billions in tax revenue unless it focuses on trade deals with countries outside Europe.
In a speech this week, he has warned that the exchequer will lose out on tax revenue without an independent trade policy.
At Beavis Morgan, our business experts are readily available to guide you through Brexit and the tax maze, helping you with bespoke solutions to ensure that you and your business are as tax efficient as possible.
Whether you require assistance in meeting your VAT obligations, or you are looking to save on income tax, capital gains tax, inheritance tax, or all three, there are various legitimate tax planning opportunities available to you.
For more information, please contact your usual Beavis Morgan Partner.
Further reading: Could Brexit be good for London business?