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Michael Portillo Commits Tories To Reverse Brown's International Tax Measures

Jason Gorringe, Tax-news.com, London

12 June 2000

Michael Portillo, Shadow Chancellor of the Exchequer, yesterday pledged that a future Tory government would scrap Labour's controversial changes to the international tax regime for British companies.

'Labour's reforms will put Britain at a huge disadvantage when it comes to selecting places for international companies to locate their headquarters', said Portillo,

'It will lead to businesses who would otherwise invest in the UK choosing to invest abroad.'

The CBI, which was said last week to have had clandestine meetings with the Treasury and even with the Prime Minister on the subject, is increasing pressure on the Government to meet business at least half way on the 'mixer' company and CFC (Controlled Foreign Companies) proposals in the Finance Bill. A meeting is scheduled today between Digby Jones, CBI Director-General, Sir Clive Thompson, Sir Iain Vallance (past and present Presidents) and the Prime minister.

Despite the growing chorus of hostility from business and employers' organisations, the Treasury has shown no signs of yielding, saying last Friday that: 'There is no negotiation' and that it would stick to its published proposals.

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