The UK has retained its place as one of the UK's most competitive tax regimes despite uncertainties caused by Brexit, a new study has found.

The research by accountancy giant KPMG show that while the overall appeal of the UK's tax regime has weakened slightly, the perception of many rival jurisdictions has also diminished during the past year.

Half of all respondents named the UK as one of the three most competitive tax systems in the world, second only to Ireland which was named by 62 per cent of those interviewed.

The gap between the two countries has closed from 15 to 12 percentage points, which KPMG attributed to the UK's tax position in business services, property , transport, engineering, construction and aerospace.

The survey included senior decision-makers at 77 of the UK's largest listed companies, and a further 58 non-UK companies from across the G7 nations. Among the latter, the UK sits in joint fifth place alongside Switzerland and behind Luxembourg, Singapore, the Netherlands and Ireland.

The proportion of UK companies that are committed to keeping their tax residency in the UK reached an all-time high in 2017, with more than three-quarters stating they had no plans to move, the highest since the study started 12 years ago.

“Businesses look for stability and predictability from tax regimes, not just attractive rates," said Alan Turner, head of tax for KPMG in Scotland. "The UK has largely maintained a business-friendly tax regime compared to many of its rivals.

"This survey shows that once a business starts operating in the UK, they tend to recognise the attractiveness of the country’s economic and tax environment and are likely to keep their base here.

"That stickiness is important. The tax rate in the UK is low and competitive, but is also being paid, which is good news for the Treasury."