I have been asked this question yet again today. I have a five step plan:
1) Increase the tax threshold at which tax is paid by £1,000 for everyone. For most people this will reduce their tax liability by £200 - the value that (near enough) the 10p band gave them;
2) Reduce the standard rate band [...]
Aberdeen Asset Management is the latest company to say it might leave the UK, according to the Times.
So, I’ve looked at its accounts. This is the 2007 tax note:
Guess what? Here we have another company threatening to leave the UK that is not only not paying UK tax in 2007, it’s such a seasoned UK [...]
The sheer arrogance of some people and companies is staggering. I presume they think that because they’re big and command considerable resources the rest of us will believe what they say.
Take this comment from group head of tax at Vodafone, Joel Walters:
There is a danger, I think, that multi-national corporations in particular are perceived as [...]
WPP has announced that it’s CEO, Martin Sorrell is to have total remuneration of £21 million this year. Of that £18.4 million will be paid in shares for boosting the share price.
What’s the significance? It’s this. Sorrell has been threatening WPP will move to Ireland to exploit its lower tax rates.
Let me explain why. WPP [...]
Lawrence Summers, formerly U.S. Treasury Secretary and ex-president of Harvard University, has just written a thoughtful column in the Financial Times. This is discussed on the TJN blog, where the follwoing key paragraph is highlighted:
The US should take the lead in promoting global co-operation in the international tax arena. There has been a race to [...]
The FT has published an analysis this morning of the trend for companies to relocate their headquarters. Its conclusion is:
A view sometimes aired in government is that large countries such as the UK should be more sanguine about losing the headquarters of big domestic businesses and focus on attracting “real business” into the country, regardless [...]
This apology is correct.
It became obvious the Guardian got this story wrong, at least in part, after it was published. I’m afraid there was a logic flaw in it, and this outcome was inevitable for that technical reason. Although some thought otherwise, I did not advise in detail on his story before publication.
But let’s be [...]
The FT and many other papers have comment on the so-called exodus of companies leaving the UK. So far it is just two, UBM and Shire. I was curious to note that not all think this will become a flood. Some have also noted that there are real constraints on what UBM and Shire have [...]
Michael Meacher MP spoke on tax justice in the budget debate. It’s one of the fullest speeches on the subject in the House of Commons, so I reproduce it in full:
Mr. Meacher: There was one rather odd omission from the Budget. It contained next to nothing about dealing with tax avoidance. That is quite surprising [...]
Accountancy Age has reported that the Budget should raise £1.7 billion form anti avoidance measures, most aimed at companies. This, of course, is welcome, but we’ve a long way to go in thta case.
One of the really welcome changes has been the attack on partnerships and trust avoidance in controlled foreign companies. as the Age [...]
