UK dropping foreign profits tax - FinTimes
LONDON, July 21 (Reuters) - British finance minister Alistair Darling is planning to scrap proposed reforms to taxation of foreign profits, the Financial Times newspaper said on Monday.
The newspaper said proposals to impose a worldwide tax on "passive" income such as royalties from intellectual property had provoked a backlash from leading British multinationals.
It said a treasury decision would be set out in a reply to a letter from the CBI employers' association being sent out on Monday or Tuesday.
"Some people will see this as a climbdown, but it's a sensible positive reaction to the feedback we've got, which we think will be welcomed by business," the newspaper quoted one official as saying.
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