Trump tax reform lifts iPhone firm

A BRITISH iPhone chip supplier is set to get a boost from major US tax reforms pushed through by President Donald Trump.

London-listed IQe said a corporation tax cut from 35pc to 21pc would help its American arm.

The company makes chip technology used by the iPhone X’s facial recognition system.

In an update to the stock market yesterday, it said: ‘The US government’s much publicised plan to reduce the corporation tax rate, if passed, would have a positive long-term financial benefit for the IQe group.’

The US Congress decided to approve the tax changes yesterday.

But IQe group said that in the short term the changes would mean it had to pay a tax charge, because of a reduction to its deferred tax.

Dr Drew Nelson, the company’s chief executive of IQe, said the firm was on track to achieve record results for 2017.

It posted profits of £19m on revenues of £132.7m for the year to December 31, 2016.