Brexit Risks Losing Corporate Tax Break Worth Billions in U.K.
- British firms would face new levies in former sister states
- Tax-cut competition among countries seen as potential threat
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British multinational companies face new withholding taxes that may cost hundreds of billions of euros a year if U.K. voters decide to leave the European Union, international tax specialists say.
A so-called Brexit “would have a major impact” on British corporations that have subsidiaries in the EU, said Daniel Gutmann, a partner at French law firm CMS Bureau Francis Lefebvre and a tax professor at the Sorbonne Law School. “It’s clear we’re talking about hundreds of billions of euros, or dollars.”