The Official Budget 2021 thread

[AtW]

+6% corp tax is like +8% on dividend tax rate, so that will be 46% top rate equivalent, even higher than income tax level.

[Paddy]

Open up a subsidiary in an EU country with a 10% flat rate.

[mattster]

Sure, I will be doing that, but £40k is £40k and, corner shops aside, we really are pretty tiny businesses. The old small profits rate was up to £300k, as I recall.

The Tories are basically indistinguishable from Labour now, even John McDonnell's Labour. CT at 25%, British Investment Bank etc., all Korbyn policies. The only difference is with housing policy where John McDonnell's Labour would be infinitely better.

Yeah, small profits was £300k, enough even for some of the people on here

They'll try and sell this tax uplift on the basis that it is only going back to what it was a few years ago, but the reality for most companies (and I'd be fairly sure that most companies report < £300k profit), the rate has been 20% or thereabouts since the mid 90s - so this will be the highest corporation tax in a generation, with virtually all dividend tax benefits having been removed in the meantime.

[AtW]

I think in the before times taper used to start at 200k profits to 1 mln+, but it escalated much quicker than linearly, and now they cut that down to 50k - Tory Scum

[TestMangler]

All Hail Rishi ! It's da party of biznizz, innit ! Still, Corbyn would have eaten your children and made you all join the PLO so you had to vote them in.

[The Spartan]

Cash to be banned in 2031...

If only lol, both my brothers are tradesmen. The one that owns a roofing company has thousands floating around in cash from residential jobs, for the commercial side of things everything goes through the books.

[SueEllen]

All Hail Rishi ! It's da party of biznizz, innit ! Still, Corbyn would have eaten your children and made you all join the PLO so you had to vote them in.

Rishi more socialist than Labour.

[AtW]

I particularly liked the caring voice he used when talking about Bank levy not being too high for banks

[ladymuck]

I particularly liked the caring voice he used when talking about Bank levy not being too high for banks

2.82 Bank Surcharge – Without any other action, due to the additional bank surcharge of 8%, the increase in the main corporation tax rate to 25% would make UK taxation of banks uncompetitive and damage one of the UK’s key exports. The government believes that that combined level of bank taxation would be too high and will therefore review the bank surcharge. In the autumn, the government will set out how it intends to ensure that the combined rate of tax on banks’ profits does not increase substantially from its current level, that rates of taxation here are competitive with the UK’s major competitors in the US and the EU, and that the UK tax system is supportive of competition in the UK banking sector. Changes will be legislated in Finance Bill 2021-22.

[AtW]

Yey bank, fook other business.