Miles Dean highlights the need for tax relief in the Daily Mail and The Independent

Partner and Head of International Tax, Miles Dean, highlights the need for more commercial instinct and tax relief from the government, in the Daily Mail and The Independent.

Miles’ comments were published in Wealth DFM and Citywire Wealth Manager, 20 February 2023, and were published as a letter to the editor in The Independent, 22 February 2023 and the Daily Mail, 23 February 2023.

“There appears to be no plan other than tax, tax and more tax.

“The Government appears bereft of any pro-growth ideas, simply sticking to the notion that hiking the CT rate to 25% will make a difference. The reality is that the PM and his cabinet are out of touch with what the UK needs to kickstart growth. Increasing taxes has never and will never work. It’s counter-intuitive and counterproductive.

“One of the potential benefits of Brexit – the ability to set our own tax rates – has been squandered, not just by Sunak but also by Johnson (who had even less commercial instincts than Sunak). Increasing the CT rate sends completely the wrong message – to the country but also internationally, but flip-flopping, dithering and tinkering on the edges is even worse.

“The Government is too scared of how a volte-face may be perceived by the public, that it benefits supposedly evil corporates. Whatever Sunak does, it will be too little too late – the Tories are toast at the next GE. Bereft of ideas, commercial instinct and above all spine. The Government is sending the message that we’re simply not pro-growth, but rather pro-tax.

“According to estimates from the 2021 Budget report, the new rates of CT are meant to raise £11.9 billion in 2023/24, rising to £17.2 billion in 2025/26. These estimates are sincerely optimistic at best, but more likely deliberately delusional. The CT rise will also likely further heighten inflation, which has already reached historic levels. The Government is sending the message that we’re simply not pro-growth, but rather pro-tax.”

Miles Dean

Miles is Head of International Tax at Andersen Tax in the United Kingdom. He advises privately held multinational companies, entrepreneurs and high net worth individuals on a wide range of cross border tax issues.

Email: Miles Dean