Prominent UK business figure and philanthropist, Sir Tom Hunter, has called for a reduction in corporation tax across specific sectors of the Scottish economy in order to stimulate growth.
Proposal for 15% corporate tax zone across key sectors in Scotland
He suggests that both the UK and Scottish governments should establish a 15 percent corporate tax zone encompassing three key sectors: renewables and low carbon manufacturing and services; life sciences and medical technologies; and software, big data, and artificial intelligence (AI).
Currently, Scottish companies earning over £250,000 annually, like their UK counterparts, pay 25 percent corporation tax.
Drawing on the success of Ireland’s growth facilitated by a favorable business environment, Sir Tom Hunter proposes a unified agency for foreign direct investment (FDI) similar to IDA Ireland.
The Hunter Foundation recommends the three sectors in Scotland—renewable energy, life sciences, and software/AI—benefit from lower taxation to attract investment.
Scotland’s expertise in renewable energy is emphasized, with the potential for the country to lead in climate change mitigation.
Furthermore, growth in the life sciences sector and the development of the digital economy, particularly in AI, could significantly contribute to Scotland’s economic prosperity.
Sir Tom Hunter stresses the need for constructive dialogue and action to transform Scotland into an economic powerhouse, advocating for the cultivation of sectors that bring genuine value and economic benefit to the country.
