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Eversheds comment: Combination of income and corporation tax cuts could offset Brexit disadvantages

  • United Kingdom
  • Global

    06-07-2016

    Brexit and the legal implications for businesses

    Commenting on Sajid Javid's call for personal and corporate taxes to be cut in the wake of the UK's EU referendum, Ben Jones, tax partner at Eversheds, says:

    “The migration of top talent from the UK to continental Europe, particularly within the financial services sector, is a very real concern in the wake of the referendum vote. Multinationals might also choose to move from the UK to other European locations, taking some or all of their UK staff with them. Many of the employees that could move will be highly skilled and well paid, with roles that contribute considerably to UK plc.

    "In an attempt to stem possible migration, alongside the potential corporation tax cuts proposed earlier this week, a further step might be to reduce income tax rates and in particular reduce or remove the top 45% rate of income tax. Although probably controversial, this could make the UK more appealing to the type of highly skilled individuals Britain wishes to retain.”

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