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PRESS DIGEST - Financial Times - July 21

Sun Jul 20, 2008 9:34pm EDT

Financial Times

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DARLING IN U-TURN ON FOREIGN PROFITS TAX

This week Alistair Darling is set to bow to pressure from business by scrapping contentious reforms to the taxation of foreign profits that threatened to provoke an exodus of companies form the UK. It is the latest in a string of climbdowns by the chancellor, which include proposals on capital gains tax, income tax and fuel duty. A Whitehall official said: "Business felt the changes [to the anti-avoidance] rules were not acceptable or workable and we're talking with them to resolve those concerns."

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