U.K. Labour Party Proposes Major Changes to Corporate Taxation

The U.K.'s Labour Party wants to assess multinational corporations as single entities for tax purposes.

The Nov. 15 announcement is linked to leader Jeremy Corbyn’s newest election pledge to provide free, fiber-optic broad band across the U.K. by 2030.

• The proposal would revolutionize how U.K.-based corporations are taxed and would likely necessitate arduous changes to tax treaties. However, Labour’s Shadow Chancellor John McDonnell said, “every part of this plan has been legally vetted, checked with experts, and costed. What we are offering in this election is real change,”
• The new system would tax U.K.-based multinationals “on the share ...