The UK ranks a shameful 32nd place out of 38 OECD countries on the Tax Competitiveness Index. The US-based Tax Foundation ranks countries on how pro-growth their tax systems are, and had revised the UK’s position from 30th place to 32nd last year. So much for lofty promises of making Britain an “attractive” destination for investors…
The UK is now lagging behind the likes of New Zealand (3rd), Hungary (9th) and Germany (20th). Reeves’ increases in CGT and Employer’s National Insurance have seen our ranking on personal taxation fall from 20th to 25th. Meanwhile, the UK’s property tax system is ranked second worst, only ahead of Italy. Reeves has already admitted that there will be tax hikes – particularly on the ‘wealthy’ – in the Budget. Winter is coming…