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Corporation tax cuts could spark economic growth

19/04/2007  11:49:05



Britains corporation tax rate could be hampering efforts to get new business off the ground and improve others, according to a new study.

A comparison by the TaxPayers Alliance (TPA) of British and Irish corporation tax rates, claims that significant benefits could be achieved if Britains 30 per cent rate was cut to Irelands rate of 12.5 per cent.

Together with the Centre for Economics and Business Research (CEBR), the TPA has run a simulation of changes to the taxation structure with the findings leading the group to call for a nine-year phased tax mitigation strategy.

Claiming employment would receive an 8.7 per cent boost and disposable income would rise by nine per cent above existing projections, the TPA says changes to Britains tax laws for small businesses could deliver broad economic benefits.

Corin Taylor, head of research at the TPA, said: "The results show that substantial, phased business tax reductions are non-inflationary, pay for themselves over time, and deliver large benefits to GDP, employment, investment and family incomes and saving.

"We hope that the Treasury and opposition parties can build on our work and make dynamic analysis part of their economic thinking. Reductions in taxes do not have to mean equivalent reductions in spending on public services."

At present many entrepreneurs are looking to set up offshore companiesto help mitigate the current level of taxation.

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