The future for corporation tax

The corporate tax system needs tender care not replacement.
Commenting on the debate over corporation tax The Daily Telegraph’s assistant editor recently wrote that ‘when a system is broken the best approach is generally to scrap it and try something else’.

Abandoning a form of tax adopted by the vast majority of countries around the world and replacing it with something new would be in the words of Yes Minister ‘a brave move’. Before embarking on such a journey it is sensible to critically appraise whether corporation tax really is like ‘a broken system’?

Corporate tax has developed
Part of the Telegraph article’s rationale for wholesale...