To ask Mr Chancellor of the Exchequer, what assessment the Government has made of the potential implications of the proposed US Border Adjustment Tax for the UK aerospace industry; and what assessment he has made of the compliance of those proposals with World Trade Organisation rules.
24 April 2017
The Government recognises that reform of the US corporate tax system is a priority for the US administration. However, the US administration has not endorsed the border adjustment tax and Congress has not yet drafted a bill that sets out the legislative detail of proposed tax reform, including any border adjustment tax. We are following US tax reforms closely and their potential impact on UK competitiveness and international trade will be assessed once detailed proposals are available.