MP highlights problem of companies leaving the UK
Yesterday in Treasury Questions in the House of Commons, John Baron MP questioned the Chancellor as to progress regarding the Governments review of the UK tax treatment of ‘controlled foreign companies’. A number of British companies have moved offshore because of this issue, losing the Exchequer £100 millions.
John asked:
“What progress is the Chancellor making in his review of the complex rules surrounding foreign earnings inherited from Labour, which is encouraging many British companies – such as Wolseley, WPP, United Business Media – to move offshore?”
The Chancellor responded that his review was ongoing and that he would be able to report on it by the time of his Budget speech.
John said afterwards:
“We need to end this uncertainty, otherwise other companies will leave the UK and this will cost the country £100 millions. If this mess is not sorted out, the trickle will turn into an exodus.”
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