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Have we been trumped?
KEY POINTS
- In March Philip Hammond announced that the UK corporation tax rate would be 17% in 2020.
- In April President Donald Trump said he was proposing a ‘phenomenal’ tax plan.
- Will the US tax plans herald a ‘race to the bottom’ in corporate taxation?
- Isolationism and the ‘lock-out effect’.
- A suggested border-adjustment tax could damage the UK and other economies.
- The proposed reforms could destabilise economies and a more cautious approach might be preferable.
In his March Budget speech the Chancellor of the Exchequer Philip Hammond proudly announced that the corporation tax rate of 19% from April 2017 was the lowest in the G20 group of countries. He also confirmed that it would be reduced further to 17% by 2020 which should...
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