Bloody Labour governments, raising taxes to pay for shit. I’m deffo voting #Boris2022.
Hahaha what happened to the Bus promise???
When it comes to Tax increases I’ve always held the belief it should be reflected in personal income. You want a better funded NHS? It should come out of your own pocket
There was me thinking the we could ask Samoa…
I can get 100% on board with that line of thinking as soon as our rate of corporation tax isn’t one of the lowest in the Western world.
Generally, I feel corporation tax should always remain low.
Specifically, how else do you expect to incentivise business to invest in a post Brexit UK without the benefits of the EU? Higher Corp Tax makes the UK a more unattractive place to invest and that will affect jobs and the overall amount we generate from the tax itself long term.
Well apart from Ireland but yeah.
It’s been ridiculously low for years, not out of necessity but because of ideology. Justify why it has needed to be at that rate compared to a ridiculous amount of countries on this list who seem to get by without matching us.
Nice tool that, very illuminating
For the purpose of competition simply and to better aid our Post 2008 recovery. Corporation Tax income has increased as the rate when down in the UK
I’ve never really liked cross country comparison, there are so many in depth variables involved when examining the intricacies of different economies it would require a dissertation.
Looking ahead to the inevitability of Brexit, a Corp Tax which has parity to other European nations will drive investment away from the UK and to the EU.
I can totally accept it going down in light of that don’t get me wrong, but not to the extent that it did. This is my point.
Agreed on the detail you would have to get into to really break down the reasoning, and I accept it it probably could be justified why it has to be lower than certain countries. But when you look at the huge number that have higher rates, there’s no way I can accept that there aren’t a great deal of countries with shittier economies and circumstances than us who have had a higher rate.
I do agree that we can’t afford to increase it to meet other European nations now post Brexit. We have enough disadvantages already compared to when we were in the EU that it would be suicidal
I understand the concept of keeping Corporation Tax down to remain competitive but it’s actually the various loopholes in our tax system that are strangling growth. It takes little effort by companies to set up their business to ensure that their British-based entities make no profit, thus reducing their tax burden.
As part of my job, I have to investigate corporate structures and it’s rare to find a large company registered in the UK that isn’t clearly up to something dubious. Last estimate was that the UK loses around £65bn per year by “clever” accounting methods.
It’s so widespread that even those newspapers who regularly question Remainers’ patriotism pay not a penny of UK tax. I’ve got no idea why they are so in favour of Brexit by March 2019 and seemingly so panicky about “Getting on with it”. Nothing to do with new tighter tax laws for member EU states that are due to apply from the start of the 2019/2020 tax year, obviously.
As Johnny Rotten once said “Ever get the feeling you’ve been cheated?”
Borrowing and raising taxes to pay for the NHS? If only another party had made that recommendation.
T is for Tory…
T is for Tax…
Very insightful post! Thanks.
Our very own saboteur PM
That deal is definitely representative of the Referendum result. No one is happy though