UK HMRC Corporation Tax Time Bomb

[MrMarkyMark]

You couldn't make it up

Lots of multinational companies made that call, and it is a huge but little-known problem facing any incoming UK government that HM Revenue & Customs acknowledges it may have to repay big business a staggering £55bn of old tax.The figure is enormous: that is nearly half the NHS’s annual budget. It’s more than the total amount of corporation tax and capital gains tax collected by HMRC in 2015. It makes arguments about whether Labour’s manifesto is properly costed look footling, and the Conservative promise to move in to surplus look wild.

https://www.theguardian.com/commenti...k-european-law

[northernladyuk]

UK HMRC Corporation Tax Time Bomb

An unfortunate turn of phrase on CUK, given Brillo's form.

[MrMarkyMark]

An unfortunate turn of phrase on CUK, given Brillo's form.

Its a bit DM, but I thought it would suit a lot on here

[vetran]

You couldn't make it up



https://www.theguardian.com/commenti...k-european-law

so not only did the EU screw us one way it did it another..

The tax regimes were approved by parliament at the time, but the cases involve exploiting the gap between UK tax law and European community law going back to the beginning of our membership in 1973.

so how do we put that on the side of a bus?

[barrydidit]

Nice one, that's even more than Drunker wants to settle his tab.

We could, of course, tell them to **** off as well

Edit - I like this bit:

in 2007 the information commissioner upheld HMRC’s position that releasing the figures could undermine people’s confidence in the ability of the government to manage the economy.

True dat. The same applies to "opening their mouths" or "getting out of bed"...

[motoukenin]

So the plan to make us the lowest Corp Tax country in Europe should EU talks fail not looking like a winner then ?

[AtW]

So the plan to make us the lowest Corp Tax country in Europe should EU talks fail not looking like a winner then ?

Not us - them (big corps)

We will get increased dividend tax and lots of ither made up levies, charges, fees etc

[northernladyuk]

You couldn't make it up



https://www.theguardian.com/commenti...k-european-law

UK parliament can pass a new law retrospectively invalidating this loophole, and give the new law primacy over EU rules, in defiance of the terms of UK's current membership of the EU.

[barrydidit]

So the plan to make us the lowest Corp Tax country in Europe should EU talks fail not looking like a winner then ?

Dunno - if they're only going to get it back a few decades down the line with compound interest then what's the point of having it in the first place. Some of the names on that list were actually being subsidised by the tax payer at the same time. Cheeky tw@'s

[GJABS]

Let's look at this issue using the same logic that left wingers use when talking about governments borrowing to invest:

"If these big businesses get this tax rebate from the government, then their share prices will go up, their dividend yields will rise, and they will invest in new business opportunities. All three of which will boost the economy, and bring us out of the recession".

Of course because this process involves billionare business owners, and real hard-working people making money, you won't hear the lefties use this kind of reasoning here.