Pre-budget report 2006: Some welcome measures, but little direction for the longer term strategy for the UK tax system

Published at 11:25 AM on 06 December 2006

In response to today’s Pre-Budget Report, Richard Collier-Keywood, UK head of tax, PricewaterhouseCoopers LLP, said: “The Chancellor focused very heavily on a long term strategy for education and innovation.  It is therefore disappointing that he did not use the Pre-Budget Report as an opportunity to demonstrate a medium to long term direction of travel for making the taxation of business in the UK more competitive.  In doing so, the competitiveness of the UK tax system should be looked at in terms of the total sum of taxes paid, not just corporation tax. “The tax system is the UK’s shop window for attracting inward investment and it is important for the Government to recognise that, in today’s global business environment, companies’ profits are potentially very portable.  “It is encouraging to note that the Government is now responding to recent decisions by the European Court of Justice regarding controlled foreign companies (CFCS) and we look forward to an inclusive debate on any future changes to the UK tax system required in response to forthcoming cases. “There have been a series of welcome measures announced today on the environment, although we were expecting more strategic environmental tax measures on the back of the Stern Report to give business the long term framework it is looking for.” ENDS

Notes to Editors:

1.PricewaterhouseCoopers experts are available on Pre-Budget Report day for comment and analysis. Please call the Pre-Budget hotline on 020 7213 4311 or visit www.ukmediacentre.pwc.com 


For more information contact:

Natasha. Davies
Tax Senior PR manager, PricewaterhouseCoopers LLP 
Tel:020 7212 3343 
Mobile:07709 019 290 
 

Richard Collier-Keywood
Head of Tax, PricewaterhouseCoopers LLP 
Tel:020 7213 3932 
Mobile:07989 600 337 

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