Corporate tax planners to wait and see what UK does

Monday 24th May 2010, 2:29PM BST.

GUERNSEY will have to wait and see what the UK does with its corporate tax rate, according to Treasury minister Charles Parkinson.

Chancellor George Osborne announced on Wednesday that the new coalition government would be committed to a lower and simpler corporate tax rate with the aim of creating the most competitive regime in the G20 group of major economies.

He wants to encourage multinational firms to come to the UK rather than leave it.

Deputy Parkinson (pictured) said he did not think the UK system would be as competitive as Guernsey’s but the island would have to wait to see what changes were introduced there.