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UK May Get Tax-Haven Status

UK May Get Tax-Haven Status

The UK could use its coming freedom from EU rules to slash corporate tax, the Organisation for Economic Co-operation and Development (OECD) has said – but it adds that the political price would be high.

The idea that London could cut tax on multinational companies’ profits, which could also help them avoid tax on profits made elsewhere in the EU, has been raised by policy experts since Britain voted to leave the bloc.

“The negative impact of the Brexit on UK competitiveness may push the UK to be even more aggressive in its tax offer,” said the OECD’s head of tax, Pascal Saint-Amans.

“A further step in that direction would really turn the UK into a tax haven type of economy,” he said, but added that there are a number of practical and domestic political barriers to doing this.

The UK is already in the process of cutting its corporate tax rate to 17 percent, compared to an average among other OECD members of around 25 percent.

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