City leaders to call for review of tax system

20 Jun 2018

Some of London's business leaders aim to call on government to review the tax burden imposed on entrepreneurs and the broader finance industry.

According to City AM, a letter is being compiled by groups including the City of London Corporation, UK Finance, TheCityUK, the Investment Association and the Association of British Insurers, calling on Chancellor Philip Hammond to conduct a review of the tax burden on entrepreneurs and the broader finance industry.

Whilst insiders, whom City AM spoke to, declined to comment on the specifics, the letter will call for the Treasury to launch a review alongside other measures aimed at ensuring the industry's competitiveness in the post-Brexit period. This will include reforms to Britain's immigration system, a network of regional regulatory offices to work with start-up businesses, and the creation of a new forum comprising the finance sector, government and regulators.

According to Sky, it says: "With regard to the levels of taxation, it is important that the UK remains competitive, and an independent review and analysis of aggregate levels of taxation, coupled with a benchmarking exercise against comparable jurisdictions would be welcome.

"This should focus not only on corporates, but also on the tax attractiveness of the UK to entrepreneurs, especially in fintech [financial technology]."

Despite Brexit, London remains an established world-leader in finance, creative industries and business services, and a growing force in newer industries such as tech, low carbon and life sciences. It offers some tempting UK tax incentives to support innovation and startup businesses, such as Entrepreneur's Relief, R&D tax credits, Enterprise Investment Schemes, and more.

At Beavis Morgan, we specialise in working with startups and entrepreneurial people across a wide range of sectors, providing guidance and strategic advice to help in formulating plans for your business in order to strengthen its prospects of success, achieve growth and maximise wealth.

If you would like to find out more about how we can assist you and your business or to discuss how any of these tax incentives could benefit your business, contact Steve Govey or your usual Beavis Morgan Partner.