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Tax 'is hurting British competitiveness' de Gary Duncan

"BRITAIN’s biggest companies believe that the country’s international competitiveness is being undermined by rising business taxes and the growing inconsistency and complexity of tax rules.

A study for KPMG, the accounting firm, seen by The Times, shows that top management in Britain’s leading companies think that the UK risks losing its appeal over European rivals. Seven out of ten senior finance executives feel that Britain’s tax regime has made it less competitive.

The findings come as the CBI today steps up pressure on Gordon Brown before next week’s Budget, adding its voice to that of other groups demanding a cut in business taxes.

KPMG’s study of executives responsible for tax in FTSE 100 and 250 companies, and in big subsidiaries of foreign groups, showed that only 14 per cent of those questioned named Britain when asked to identify the top three countries for tax competitiveness. The poll was topped by the Republic of Ireland, followed by the Netherlands and Luxembourg.

The results coincide with growing business protests that the business tax burden in Britain is rising at a time when that of its leading international competitors is being cut.

Sixty-eight per cent of financial executives asked by KPMG said that complexity was a factor affecting decisions on expansion plans in Britain. Seventy-eight per cent said that tax law changes are made too often."

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