A survey of more than 500 mid-market businesses revealed that 77% expect to pay the same or higher taxes after the next general election, according to BDO. The survey also identified concerns over the prospects for a reduction in the rates of research and development (R&D) tax relief, with 85% of respondents saying they may look to move their R&D activities out of the UK.
Jonathan Hickman, a tax partner at BDO, said: ‘Set against a very challenging fiscal backdrop, the chancellor has already warned that tax cuts are off the table at the autumn statement. There appears to be a growing – some might say grudging – acceptance among businesses that the current high levels of business taxation may be here to stay and could even rise post the general election’.
A survey of more than 500 mid-market businesses revealed that 77% expect to pay the same or higher taxes after the next general election, according to BDO. The survey also identified concerns over the prospects for a reduction in the rates of research and development (R&D) tax relief, with 85% of respondents saying they may look to move their R&D activities out of the UK.
Jonathan Hickman, a tax partner at BDO, said: ‘Set against a very challenging fiscal backdrop, the chancellor has already warned that tax cuts are off the table at the autumn statement. There appears to be a growing – some might say grudging – acceptance among businesses that the current high levels of business taxation may be here to stay and could even rise post the general election’.
