London, 5 December - Following today’s autumn statement, the International Chamber of Commerce UK (ICC UK) has issued an initial statement on the Government’s tax policy with a particular focus on tax avoidance.
Andrew Wilson, Director of Policy at ICC UK, said: “It is understandable that the Chancellor is keen to tackle abusive tax avoidance but it is important to retain a sense of perspective in the debate around corporate tax. The long term contribution of international business to the UK economy must not be underestimated.”
“The General Anti-Abuse Rule (GAAR) to be introduced next year has the potential to bring important clarity for business and HMRC alike, in particular on the line between acceptable tax planning and abusive arrangements. International business cannot be expected to make subjective moral judgments on the amount of tax to be paid; tax due must be determinable from clear law and regulations.”
“It is good to see the continued recognition of a competitive tax regime in attracting international business to the UK. The further 1 per cent cut in corporation tax by 2014 sends a positive signal that Britain is open for business.”
Notes to editors:
1. The International Chamber of Commerce (ICC) is a cross-sectoral business organisation which works to promote international trade, proportionate regulation and the rule of law.
2. Members in the UK include the majority of FTSE 100 companies, many other multinational firms, business associations and SMEs.
3. For media enquiries, please contact Dorothee Heinze at ICC UK on 020 7838 7453.
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