The UK should scrap or adjust taxes the US views as discriminatory in order to head off the “revenge tax” plan moving through Congress, the tax committee of a group of FTSE 100 businesses has told the UK Treasury.
“Do whatever it takes” to ensure the proposal for a new Section 899 of the US tax code doesn’t apply to UK companies, the group told the UK Treasury in a letter seen by Bloomberg Tax.
The UK would need to either eliminate its diverted profits tax, digital services tax, and undertaxed profits rule, or “amend these taxes so that they …
