Firms don’t trust coalition tax pledge

THE overwhelming majority of businesses do not think that George Osborne will meet his pledge to make Britain?the most competitive tax regime in the G20, according to a survey of 60 leading firms.

Big Four accountancy firm PricewaterhouseCoopers found that 82 per cent of firms thought the chancellor would not keep his promise. However, 77 per cent of businesses surveyed said they were satisfied with the government’s proposed reforms of the much-maligned controlled foreign companies regime, which covers tax on profits made by overseas subsidiaries.

“If the UK is to compete with other countries then more needs to be done to deliver stability,” said PwC tax partner Andrew Boucher