UK Publishes Draft Tax Framework For Business
Tuesday, February 23, 2010
The UK government published on February 22 a draft Tax Framework for business,
intended to provide greater certainty for large businesses about the government's
approach to the development of tax policy.
Developed in discussion with the Business-Government Forum on Tax and Globalisation,
set up in April 2008, the document is seeking feedback on the draft, which sets
out the key principles underpinning the development of tax policy – including
securing fairness, competitiveness and stability for the UK, and ensuring new
burdens and complexities are not created for UK business.
The draft also sets out the policy process the government follows when developing
tax policy, including consultation wherever possible.
In short, the principal purpose of the tax framework for business is, according
to the Treasury, "to set out a short and clear statement on the government’s
principles for UK tax policy."
“The UK is a good place to do business and we want to keep it that way,"
Chancellor of the Exchequer Alistair Darling said. “Businesses want certainty
on tax. That’s is why today I have set out, in collaboration with UK business,
the government’s key principles for tax policy and how we will engage
with business when developing tax policy.”