UK tax competitiveness: Succeeding in uncharted waters

Assessing the UK's tax competitiveness

The UK remains attractive place to do business but loses ground over Brexit, according to our latest survey of tax decision makers from the UK and beyond

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Partner and Head of International Tax

KPMG in the UK

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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.  

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