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UK tax regime 'not competitive'

The UK's corporate tax system is one of the least competitive in the world, a new study has indicated.

According to a Financial Times report, figures from Oxford University's Centre for Business Taxation show the UK regime is not on a par with other industrialised nations.

The study's authors claim that planned cuts to corporation tax in Britain will not be sufficient to counter this disparity.

"Even after the implementation of the planned cuts to corporation tax then, the UK will not be particularly competitive relative to other countries in the G20 and OECD (organisation for Economic Co-operation and Development)," they said.

Earlier in the week, HM Revenue and Customs revealed that more than 4,000 companies in the UK are being investigated over their tax practices.

However, according to the Treasury, the study was not truly representative of the worldwide situation, as its definition of competitiveness was not wide enough.ADNFCR-1898-ID-801397029-ADNFCR

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