The official Budget 2017 DOOM thread

[AtW]

The Republican plan is for 20%, but even that looks ambitious. I predict 25% if it goes ahead, despite Trump calling for 15%. A 15% rate is totally unachievable with border adjustment. I don't think there's a massive risk to the UK here, but it's possible that the US will spark a wave of border adjustment elsewhere (people like Lord Lawson are already calling for it), which will completely defeat the whole point for the US and risk a collapse of global trade.

Remember - it's 20% tax for US based profits and it will be 0% for foreign profits, this will please Apple/Google/Facebook - they will be able to repatriate money from Bermuda on the cheap.

[NigelJK]

It is about time they dropped Corp tax altogether (and PAYE for that matter). Replace with a Corporation Sales Tax made at point of sale (i.e. if it's sold to a UK resident it gets CST - something like that, the devil is in the detail I know), make it flat and collect via the VAT scheme.

HMRC claim that VAT costs 1p in the £1 to collect. Corp tax is around 20p per £1.

[northernladyuk]

It is about time they dropped Corp tax altogether (and PAYE for that matter). Replace with a Corporation Sales Tax made at point of sale (i.e. if it's sold to a UK resident it gets CST - something like that, the devil is in the detail I know), make it flat and collect via the VAT scheme.

HMRC claim that VAT costs 1p in the £1 to collect. Corp tax is around 20p per £1.

How would banks be taxed? CST on interest component of credit repayments, instead of CT on profits?

[BrilloPad]

Remember - it's 20% tax for US based profits and it will be 0% for foreign profits, this will please Apple/Google/Facebook - they will be able to repatriate money from Bermuda on the cheap.

When will the UK introduce the same?

[AtW]

Oh dear, May falls to same stupid "defense" as Spreadtulip Phil - "In legislation that we passed after you mugs elected us, we specifically only talked about not increasing Class 1 NICs, so there!"

National Insurance rise 'fair', says PM - BBC News

[jamesbrown]

Sounds like a partial climbdown, not legislating until the Autumn Budget, which is what they should've done anyway

https://www.theguardian.com/politics...tory-rebellion

[AtW]

Sounds like a partial climbdown, not legislating until the Autumn Budget, which is what they should've done anyway

https://www.theguardian.com/politics...tory-rebellion

And in Autumn Budget they will intro higher dividend tax to pay for those NICs delayed until 2020, so that manifesto is not broken! You've heard it on here first...

[DimPrawn]

Budget measures 'worth £350m' to Scotland - BBC News

Well at least we can see where that £350M is going...................

[jamesbrown]

If he makes u-turn he'd have to increase dividend tax to make up for "the loss", this is where it's heading...

Theresa May denies breaking election tax promise over National Insurance as 100 Tory MPs prepare to join Budget rebellion

Sources close to Mr Hammond told the Telegraph he is considering a full-scale revision of the tax system for the self-employed, enabling him to drop his plans for class 4 NI contributions as part of a wider review.

[jamesbrown]

Weeeee!