This year's cut in the corporate tax rate has failed to push the UK decisively up the international rankings, according to a new survey that shows Britain's efforts to improve its tax competitiveness have been blunted by similar efforts elsewhere.

The UK now has the 20th lowest corporate tax rate of the 27 European Union member states, a slight improvement for businesses on last year's 21st position, according to the survey by KPMG, professional services firm.