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But it's £2bn and the incremental effects of a bunch of smaller measures were quite large, plus the average Joe either doesn't understand it or works in an office with IT contractors and looks at them as "scumbag tax avoiders". Just read the comments in the FT any time there's an article on IR35
Yet the average joe has no issue with self employed traders taking cash payments . And not declaring it.
We all know that. But that is not the metric here. The metric is whether it can be squared with OBR (and, hence, the markets).
I don't think the markets care one jot about IR35. They probably don't care about the 19% personal tax rate either. It was the rash rash of dramatic cuts tossed out with no forethought and the refusal to have them 'audited'.
I don't think the markets care one jot about IR35. They probably don't care about the 19% personal tax rate either. It was the rash rash of dramatic cuts tossed out with no forethought and the refusal to have them 'audited'.
I didn't imply the did. They care about the aggregate numbers, not what they relate or amount to individually, as do the OBR. That much is obvious. As I've said elsewhere, the failure to have OBR check their work was a major issue too, which has now been fixed and now matters w/r to these reversals.
Britain somehow managed (better than now too) before “OBR” was created - using same models as the Treasury, I think a dozen of staff work there - same or better analysis can be done by at least a dozen of large banks/funds
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