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Executive personal income tax 'may force firms abroad'
British personal income tax on top business executives is higher than in most other countries, it has been warned.
The top rate of personal income tax is one of the factors that has led many large British-based corporations to consider moving their operations overseas, according to the Journal.
In particular, the impact of the tax regime on top executives' personal tax planning is a concern, head of international tax at Grant Thornton Paul Smith noted.
He told the newspaper: "The rate of income tax on a company's most senior employees is now higher in Britain than in most other countries."
His comments follow the publication of the latest British Chambers of Commerce Monthly Business Survey, which revealed that the British tax regime is believed to be one of the potential barriers to repairing the UK's budget deficit.
Thirteen per cent of firms indicated that the government should focus on making the UK's tax system more competitive to improve the country's budget deficit.
Posted by Jared Atreides
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