Corporation Tax

HM Treasury written question – answered on 29th March 2017.

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Photo of Jonathan Edwards Jonathan Edwards Shadow PC Spokesperson (Treasury), Shadow PC Spokesperson (Transport), Shadow PC Spokesperson (Foreign Intervention), Shadow PC Spokesperson (Business, Energy and Industrial Strategy)

To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential effect on corporation tax receipts of UK companies creating headquarter subsidiaries in EU countries after the UK exits the EU.

Photo of Jane Ellison Jane Ellison The Financial Secretary to the Treasury

Exiting the EU will present both opportunities and challenges, but the UK will remain an open country, and an attractive location to invest and do business, in part due to our competitive tax regime and access to skilled talent.

The independent Office for Budget Responsibility’s March forecast projected corporation tax receipts to increase from £53.6bn in 2016-17 to £54.7bn in 2021-22.

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