The Treasury has succumbed to sustained pressure from big business and agreed to water down controversial proposals to change the UK corporate tax regime, The Times reports.
Several big multinational British companies had said that they were prepared to move their headquarters from the UK amid concerns that the Treasury was preparing to tax the profits they derived overseas. A Treasury spokesman confirmed yesterday that the department had drawn up a new set of tax plans after extensive consultation with UK companies. The move will be seen as another embarrassing government climb-down. The spokesman said that new proposals would be put out to consultation in mid-June, with a view to introducing legislative changes next year. BRITAIN’S BIGGEST PENSION funds...
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