Investors welcome decision to scrap proposed changes to sovereign immunity tax

Spring Budget 2023

Spring Budget 2023

Andy Pyle, KPMG UK head of real estate, said:

“The Government’s decision to not proceed with the Sovereign immunity tax change will be widely welcomed by institutional investors who invest in real estate and infrastructure in the UK, which are critical enablers for economic growth and success.

“Institutional investors can choose where they invest globally and, although they were not the intended targets of the revised approach to sovereign immunity, the proposed changes presented a risk to the attractiveness of the UK as a safe place for private investment.

“Maintaining tax competitiveness for the UK will make it much easier for the national and local governments to secure the private investment that will be critical to enable key projects to be built out across the UK - whether as part of the Levelling-Up agenda or to deliver the National Infrastructure Plan.”


For further information please contact:

KPMG Media Relations
Sidumisile Lawrence
Mobile: 07548116023


KPMG LLP, a UK limited liability partnership, operates from 20 offices across the UK with approximately 17,000 partners and staff. The UK firm recorded a revenue of £2.72 billion in the year ended 30 September 2022.

KPMG is a global organization of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

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