United Kingdom.

This article focuses on the measures taken by the British government to address the country's lack of fiscal competitiveness. Over the past 12 months, the British government and HM Revenue & Customs (HMRC) have finally taken note of the country's lack of fiscal competitiveness. Examples of proposed changes to address the issue include a proposed reduction in the corporation tax rate, the abolition of certain tax depreciation allowances, the introduction of additional binding clearance procedures, and, the reform of the taxation of foreign profits, with a European-style dividend participation exemption expected from 2009.