U.K. to revise tax plan on foreign assets

05/19/2008 | Times (London) (subscription required), The

Corporations appear to have forced a change from the U.K.'s taxing authority after warning of an exodus if earnings from foreign units are taxed. Chancellor Alistair Darling tomorrow will announce the scrapping of plans to tax intellectual property held offshore. Pharmaceutical companies were especially worried about the move to extend the reach of taxation on intellectual property.

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