Corporate tax shake-up unveiled

The Government yesterday published details of its Corporate Tax Reform programme which aims to make the UK more competitive.

The tax reform announcements include a corporate tax road map which outlines how the Government will engage with business at each stage of policy development. There is also a commitment to legislate an opt-in exemption for profits earned in foreign branches of UK companies in 2011. A Treasury spokesman said: "This programme demonstrates the Government's commitment to a competitive and stable tax system which provides business with the confidence to expand and invest in the UK in the years ahead."

The Exchequer Secretary to the Treasury, David Gauke MP, said: "In recent years, too many businesses have left the UK amid concerns over tax competitiveness. It's time to reverse this trend. Our tax system was once viewed as an asset. And it needs to be an asset again.

"That is why the Government is prioritising corporate tax reform."