abusesaffiliationarrow-downarrow-leftarrow-rightarrow-upattack-typeburgerchevron-downchevron-leftchevron-rightchevron-upClock iconclosedeletedevelopment-povertydiscriminationdollardownloademailenvironmentexternal-linkfacebookfiltergenderglobegroupshealthinformation-outlineinformationinstagraminvestment-trade-globalisationissueslabourlanguagesShapeCombined Shapelocationmap-pinminusnewsorganisationotheroverviewpluspreviewprofilerefreshnewssearchsecurityPathtagticktooltiptwitteruniversalityweb

This page is not available in Français and is being displayed in English

Article

New tax rules 'will not hit global firms'

Lord MacGregor, chairman of a House of Lords committee on the Finance Bill, has demanded that the Government makes it clear to the public that GAAR is “narrowly focused” and will not meet “public expectations” of bigger levies on international firms. The Committee has called for the new rules to be reviewed after five years...[to] "look, in particular, at how the double reasonableness test had been applied in practice and its deterrent effect.”...The rules, which are expected to be updated in the Budget, were not intended to change the system that legitimately allows big companies to reduce their corporation tax bills...Lord MacGregor said: “It is also important that government continues to work with other countries on corporate tax issues especially as regards multinationals. We recommend that the review of OECD rules be accelerated.”