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Business leaders call on Chancellor to review UK tax system

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In a letter to Chancellor Philip Hammond, leaders of some of the UK’s most prominent business associations have urged the government to undertake a review of the so-called ‘tax burden’ that faces the finance industry and UK entrepreneurs.

The letter, which has been signed by such groups as UK Finance, the Association of British Insurers (ABI), the Investment Association and TheCityUK, urges the Chancellor to back reforms designed to boost the UK’s competitiveness during the Brexit period.

It also calls for Mr Hammond to prioritise the creation of a new forum, to be made up of the finance sector, industry regulators and the government, and to provide ‘more support’ to financial services businesses located outside of London.

The letter states: ‘There is a clear indication from international investors and firms that they would welcome stability, certainty and streamlining of the UK’s tax system.

‘With regard to the levels of taxation, it is important that the UK remains competitive, and an independent review and analysis of aggregate levels of taxation, coupled with a benchmarking exercise against comparable jurisdictions, would be welcome.

‘This should focus not only on corporates, but also on the tax attractiveness of the UK to entrepreneurs, especially in financial technology.’

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