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KPMG 'disappointed' by lack of tax incentives

Britain’s tax system is not competitive for businesses that invest in new buildings, energy or infrastructure projects, said Margaret Stephens, global head of infrastructure tax at KPMG.

“It is extremely disappointing that the chancellor has not listened to the infrastructure industry and looked at the current tax disincentives for investment in buildings and structures,” she said.

“The current UK tax system is simply not competitive and businesses which invest in new buildings and structures including gas power stations, roads and other infrastructure will have to pay taxes at much higher effective rates than the new headline rate announced of 21%.”

“Government estimates the rate reduction to 21% will cost £3bn by 2018, whereas putting capital investment in buildings on an even footing with other business expenditure is estimated to cost much less and indeed raise tax receipts through stimulating growth.”

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