UK: House of Lords Economic Affairs Committee calls for review of UK corporate tax system

The House of Lords Economic Affairs Committee yesterday published its report Tackling corporate tax avoidance in a global economy: is a new approach needed?: see here or here (pdf). The Committee has called on HM Treasury to review urgently the UK's corporate taxation regime, considering, amongst other things, different approaches to the taxation of multinational companies' profits including a destination-based cash flow tax. Also identified for review is the question of whether an allowance for corporate equity should be introduced. Evidence received by the Committee is available here (pdf).