Tax imbalances

[AtW]

From CUK news page -

Osborne used 'tax imbalances' to meet £5bn target

George Osborne seems to have moved the goalposts at Summer Budget 2015, as he created the area of tax “imbalances” so his pledge of getting £5bn from a tax clampdown can be met.

The chancellor appears to have realised that the Tories promised in April in their manifesto to raise “at least” £5billion from tackling tax non-compliance, such as “aggressive” avoidance.

But a forecasted breakdown of total tax receipts for the year 2016-17, which was released on Budget day July 8th, shows that Mr Osborne can find only £1.3billion.

He has therefore added the new area of “total imbalances in the tax system” to the existing category of “avoidance, tax planning, evasion and compliance,” so his £5bn can be reached (specifically in 2020-21, when £5.8bn will be raised).

Described as “where [tax] support disproportionately benefits certain groups or types of business structure,” these imbalances will be head off to singlehandedly raise almost £2.5bn in 2021.

The Budget counts six imbalances, including the Employment Allowance -- it will be axed for single-person firms, and Tax Motivated Incorporating –- it will reduce due to the dividend tax hike.

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FFS, what a knut!

[tractor]

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From CUK news page -

Osborne used 'tax imbalances' to meet £5bn target

George Osborne seems to have moved the goalposts at Summer Budget 2015, as he created the area of tax “imbalances” so his pledge of getting £5bn from a tax clampdown can be met.

The chancellor appears to have realised that the Tories promised in April in their manifesto to raise “at least” £5billion from tackling tax non-compliance, such as “aggressive” avoidance.

But a forecasted breakdown of total tax receipts for the year 2016-17, which was released on Budget day July 8th, shows that Mr Osborne can find only £1.3billion.

He has therefore added the new area of “total imbalances in the tax system” to the existing category of “avoidance, tax planning, evasion and compliance,” so his £5bn can be reached (specifically in 2020-21, when £5.8bn will be raised).

Described as “where [tax] support disproportionately benefits certain groups or types of business structure,” these imbalances will be head off to singlehandedly raise almost £2.5bn in 2021.

The Budget counts six imbalances, including the Employment Allowance -- it will be axed for single-person firms, and Tax Motivated Incorporating –- it will reduce due to the dividend tax hike.

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FFS, what a knut!

Shame it doesn't include the imbalance of Revenue/Profits for large companies with head offices in tax favourable countries.

3 years worth of taxing those companies like Amazon would net him the 6bn he promised without even looking anywhere else.

[AtW]

Shame it doesn't include the imbalance of Revenue/Profits for large companies with head offices in tax favourable countries.

He's given up on it, much easier to change "promise" to hit those who already honestly pay tax in order to "balance tax system".

[tractor]

...

He's given up on it, much easier to change "promise" to hit those who already honestly pay tax in order to "balance tax system".

No, he hasn't, he was never serious, that was just pre-election bluster. Like we said then, the moment a party wins, all their promises go out of the window.

[DimPrawn]

Shame it doesn't include the imbalance of Revenue/Profits for large companies with head offices in tax favourable countries.

3 years worth of taxing those companies like Amazon would net him the 6bn he promised without even looking anywhere else.

I Googled, who is the biggest *******, blatant tax dodger in the UK and got.

Google boss: I'm very proud of our tax avoidance scheme - Home News - UK - The Independent

Documents filed last month show that Google generated around £2.5 billion in UK sales last year but paid just £6m in corporation tax.

[OwlHoot]

I Googled, who is the biggest *******, blatant tax dodger in the UK and got.

Google boss: I'm very proud of our tax avoidance scheme - Home News - UK - The Independent

Confirms my decision never, on priciple, to click sponsored links on the right of Google search pages.

Is there anything else one can (not) do in a small way to minimise present or future revenues of this great big Google amoeba?

[tractor]

...

Confirms my decision never, on priciple, to click sponsored links on the right of Google search pages.

Is there anything else one can (not) do in a small way to minimise present or future revenues of this great big Google amoeba?

Change your search engine?

[DimPrawn]

Confirms my decision never, on priciple, to click sponsored links on the right of Google search pages.

Is there anything else one can (not) do in a small way to minimise present or future revenues of this great big Google amoeba?

Never buy advertising from Google.
Never click on a google ad link.
Never use any google services, especially paid services.

That's about it I guess.

I've stopped buying from Amazon and don't visit Starbucks.

Trouble is, by the time you've boycotted all the big name tax dodgers, there no where left to shop with.

[Zero Liability]

It's not these firms' tax planning that bothers me; more so the way in which the government will turn a blind eye to it whilst relentlessly chasing everyone else for pennies, due to the billions it overspent. It created this opaque system after all.

[tractor]

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