FTSE 100 Body Urges ‘Whatever It Takes’ to Duck US ‘Revenge’ (1)

The UK should scrap or adjust taxes the US views as discriminatory in order to head off the “revenge tax” plan moving through Congress, the tax committee of a group of FTSE 100 businesses has told the UK Treasury.

“Do whatever it takes” to ensure the proposal for a new Section 899 of the US tax code doesn’t apply to UK companies, the group told the UK Treasury in a letter seen by Bloomberg Tax.

The UK would need to either eliminate its diverted profits tax, digital services tax, and undertaxed profits rule, or “amend these taxes so that they ...