Our annual thought leadership publication based on market research among tax decision makers in both UK and non-UK companies.
There is no doubt 2016 was one of the most interesting years in recent times. Buffeted by a unique set of domestic, political and international economic pressures over the past 12 months, following Brexit UK businesses now face a period of flux and uncertainty as the government resets the country’s future on a global stage.
In order to gauge business sentiment and prospects for the UK, we interviewed 100 senior tax decision makers in the largest UK listed companies and foreign-owned subsidiaries and 60 companies from across the other G7 nations: the US, Canada, France, Germany, Italy and Japan. Despite possible turbulence ahead, as we enter Brexit negotiations, it’s still business as usual - a sentiment reflected in our research into the competitiveness of UK tax rates.
Our 2016 study shows that companies continue to assess their business location in similar ways to previous years – taking into account factors like political and economic stability, market size, cost and availability of a skilled labour force.
Some of our key findings include:
- Overall the UK retains its position as the 2nd most competitive tax system globally
- However, when assessing the sentiment of non-UK companies the UK's tax competitiveness dropped from 1st to 5th
- There is potential net outflows of business functions from the UK
- Executives cite Brexit as having the greatest impact on investment & business activities in 2017
Read the Tax Competitiveness report: Succeeding in uncharted waters; assessing the competitiveness of the UK, to discover the findings of the survey.
You can download our Succeeding in uncharted waters: Assessing the competitiveness of the UK report.