Business insurance holders are being put off operating in the UK because of its tax regime, it has been claimed.

Recent research from accountancy firm MacIntyre Hudson found that 72 per cent of business insurance holders believe that Britain has become less competitive in terms of tax.

In addition, 89 per cent fear this is leading to business talent moving to other countries, while 12 per cent report their firm is considering moving overseas.

Commenting on the findings, Ian Wilson, director of financial advisory group Forum Wealth, said that the UK's tax regime could have a negative impact on how firms operate in the country.

"I don't think it is so much the companies that are moving overseas because there is an importance in having a presence in the UK, but they are moving parts of their operation overseas," he explained.

Mr Wilson also said that despite business insurance holders wanting to work in the UK, the government is slowing forcing them out by increasing the financial burdens on them.

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