{"id":19738,"date":"2013-03-21T05:35:05","date_gmt":"2013-03-21T05:35:05","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=19738"},"modified":"2013-03-21T05:35:05","modified_gmt":"2013-03-21T05:35:05","slug":"osbornes-giving-away-58-billion-to-big-business-over-six-years","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2013\/03\/21\/osbornes-giving-away-58-billion-to-big-business-over-six-years\/","title":{"rendered":"Osborne’s giving away \u00c2\u00a358 billion to big business over six years"},"content":{"rendered":"

The scale of George Osborne's tax giveaway to big business became very much clearer in yesterday's budget<\/a>. The headline tax\u00a0collection\u00a0forecasts are as follows:<\/p>\n

\"Screen<\/a><\/p>\n

 <\/p>\n

Income tax is forecast to grow 30% between 2011-12 and 2017-18.<\/p>\n

Corporation\u00a0tax if forecast to fall despite the fact that economic recovery is anticipated and\u00a0corporation\u00a0tax receipts always go up\u00a0disproportionately\u00a0in a recovery.<\/p>\n

If\u00a0corporation\u00a0tax went up by as much as income tax in this period receipts should be at least \u00a356 billion in 2017-18.<\/p>\n

They will actually be about \u00a339 billion. That's more than \u00a316 billion given away in that year. The cumulative figure is worse. Just assuming that\u00a0corporation\u00a0tax\u00a0maintained\u00a0a collection ratio with income tax over this period (and it should improve) the cumulative loss is explained by this table:<\/p>\n

\"Screen<\/a><\/p>\n

 <\/p>\n

Over six years George Osborne is going to give \u00a358 billion to big business - who are already sitting on a cash pile of more than \u00a3700 billion<\/a>. That's cash given to business it does not need, has no use for and will not invest.<\/p>\n

And how is this happening?\u00a0Mainly\u00a0by making the UK a tax haven and by refusing in future, in the main, to tax any income arising outside the UK in this country. That policy will be costing the UK more than \u00a39 billion a \u00a0year by 2017.<\/p>\n

In the\u00a0circumstances\u00a0the claimed tax recovery from tax havens over this period of \u00a31 billion looks very small indeed.<\/p>\n","protected":false},"excerpt":{"rendered":"

The scale of George Osborne’s tax giveaway to big business became very much clearer in yesterday’s budget. The headline tax\u00a0collection\u00a0forecasts are as follows:   Income
 Read the full article…<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[127],"tags":[],"class_list":["post-19738","post","type-post","status-publish","format-standard","hentry","category-budget"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/19738","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=19738"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/19738\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=19738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=19738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=19738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}