Darling to unveil firm tax breaks

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Mr Darling is set to use a speech to the CBI business lobby group on Tuesday to soothe the concerns of multinational companies alarmed by potential taxes on intellectual property rights held offshore, the Sunday Times newspaper reports.

Major businesses are concerned over having to pay hundreds of millions of pounds extra to the Treasury as a result of the move.

Companies such as FTSE 100 Index pharmaceutical giant Shire have already decided to move out of the UK to reduce their tax burden, while many more are considering a departure.

The proposals on intellectual property rights were buried in a discussion document on exempting foreign dividends last year.

Mr Darling's speech in London will attempt to placate the business community and insist any changes to the tax system were not intended to claw any more revenues from business.

The Chancellor will also unveil the members of a new business-government forum on tax announced at the end of April this week, the newspaper said.

The committee, to be chaired by Financial Secretary Jane Kennedy, will discuss how the business tax system can provide long-term certainty needed by multinational companies.

Members of the committee reportedly include Douglas Flint and Julian Heslop, the chief financial officers of HSBC and GlaxoSmithKline respectively.

The Treasury declined to comment.