Lubbock Fine warns UK businesses of soaring corporation tax costs, hitting a record high of £92.1bn. HMRC data shows a 5% increase in tax receipts following the government’s rate hike to 25% in April 2023.

Decline in foreign direct investment (FDI) in the UK attributed to tax hike, with FDI projects dropping by 17% and new job creation decreasing by 13%.

Lubbock Fine emphasizes the negative impact of high business taxes on the UK economy, urging for global competitiveness to attract foreign investment and preserve job growth. Other countries cutting corporate tax rates make the UK less attractive for international businesses.

Read more at Yahoo Finance: Soaring corporation tax costs may deter foreign investment in UK: Lubbock Fine