“The threat of a corporate exodus to countries with more business-friendly tax structures forces a rethink by the Government”
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 consulation with UK companies. The move will be seen as another embarrassing government climbdown.
The spokesman said that new proposals would be put out to consultation in mid-June, with a view to introducing legislative changes next year.
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Source: Times Read More......