Truss confirms corporation tax U-turn
The prime minister has significantly reversed September’s mini-Budget by raising corporation tax to 25% in a major policy U-turn, having appointed a new Chancellor earlier today.
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It seems anybody in parliament can be chancellor, no experience in finance necessary. Maybe they'll give the janitor a shot next.
Financial experience and skill need not apply. The only credential needed is loyalty to the regime.
They get good advisors
The sensible take into account the advisors' warnings
The stupid do what they wanted to do and ignore the advisors
Or, of course, remove the advisers ,as this lot did with Sir Tom Scholar.
https://www.ft.com/content/9571c1f7-55b2-42ac-a126-ec0fcdeefca4
Looks like they've already given whoever masterminded the recent changes to the Highway Code a shot.
Rips up notes of last few weeks emails and discussions with clients
I am just annoyed I will have to re-learn how to do marginal relief calcs
The only measure that had a shred of credibility was reversing the rise to 25% to attract inward investment! And that is the one that is gone. Truss had a surefire way of getting back into the public's good books if she was going to do a u-turn anyway- a windfall tax on energy companies. Why not go that route?
What a complete joke they have turned this country into. A joke that is not funny of course
We're down to rule by mob. Scream loud enough and you can get policies reversed, even if they weren't even a tax cut but stopping a planned rise...
More taxes when we're already the most highly taxed ever, to support ever more Govt spending (despite all the cries of 'underfunding' from the left).
Sooner or later people will wake up and realise that we can't sustain this level of spending (even 'austerity' grew the total spending pile), but clearly the majority now seem to believe 'tax the rich' or more likely 'tax someone other than me' is the way to go.
Sad day for the country and no doubt more companies will now look at the total tax take and decide to base their operations elsewhere. 25% CT plus dividend tax = almost 60% tax rate on profits.
https://www.investopedia.com/articles/wealth-management/121515/top-10-eu...
And when dividends are paid, no second tax deduction
And only ONE tax on companies. No regional, canton or other tax
It’s always been this way. We’ve always been the frogs in the boiling water and people are now noticing how hot it is.
Conservatism is progressivism driving the speed limit.
Only for rich people getting the profits from workers
Company tax is 25%
Shareholders can choose whether to draw it out now or get BADR at 10% later
The rich can plan, the poor suffer
'rich people' no, anyone who draws a dividend, not all of them are 'rich'. And where would the workers be without those willing to risk everything in setting up companies in the first place? Workers choose to draw a salary rather than work for themselves as they want the stability that comes with less risk.
Sharreholders in small companies need the money to live on and can't choose BADR, nor can investors in larger companies as they won't qualify.
The 'poor' will suffer with a higher CT rate= less to reinvest= less jobs.
Companies were still here when it was 35%. The only thing I'm annoyed at is they reduced the tax all the way to 19% for big companies and then included small companies and their shareholders with every single increase, including all but the smallest companies in next years.
Overall though, big companies have still had a massive tax cut since 2010, more than anyone else.
No worries
Just think of it as Higher rate tax on companies, £50,000 is about the cut off anyway
And cheap
Only 6% increase, people pay 20% increase
''rich people' no, anyone who draws a dividend, not all of them are 'rich'. And where would the workers be without those willing to risk everything in setting up companies in the first place? Workers choose to draw a salary rather than work for themselves as they want the stability that comes with less risk.'
Dividend tax is 7.5% unless Higher rate applies
Complete bargain
Market price determines labour rates and entrepreneurs can generally make sweet FA without their wage slaves
Do you really think society would be better if employers got off their idle butts and invented some new trade?
No:
Schools
Armed forces
Hospitals
Ambulances
Insurance companies
Pension providers
Civil Service
Or indeed any method of collecting tax
So good news, no government
Your distain of employees is outrageous
'And where would the workers be without those willing to risk everything in setting up companies in the first place?'
Limited liability companies get set up so that there is zero risk of becoming insolvent
Risk everything? No risk, all managed. Suppliers take all the risk together with taxpayers.
All the rewards with none of the risk of being self employed.
Just tax, No NI so the lack of risk is rewarded with lower taxes
How can that possibly be fair
Let me introduce you to French social charges...............
What are the tax/social charges in France?
Let me introduce you to French social charges...............
What are the tax/social charges in France?
Used to be- we once had a charter yacht in the Med with a crew, having seen what the French would have charged us if the crew were employees we upped sticks with where the yacht's base was to be.
Used to be- we once had a charter yacht in the Med with a crew, having seen what the French would have charged us if the crew were employees we upped sticks with where the yacht's base was to be.
Exactly the effect this staggeringly stupid corporation tax rise will have. As well as inflation, business failures and jobs losses
No it will not, the French social charges are I believe costs before your strike a profit (like NIER), the increase back to 25% is just going back to what it was before all companies were 19%, catch now is small company limit previously was £250k now it is £50k.
To me playing with headline rates is lazy policy, cannot be bothered doing the detailed analysis needed to devisee true incentives and disincentives so play with headline rates, frankly it is all pretty ill thought through, a party with few real ideas which runs on headline slogans not policy. (Growth, Growth, Growth, Growth ought to be replaced with How,How,How,How
Does she understand the damage this will cause? So bad. How do these people get these jobs? This is not supporting businesses. This is helping to destroy them. She needs to go. We don’t need a new PM we need a new way to run the country. Politicians can’t do it.
I've been saying this for years. We need a common sense party that is motivated by "common sense" not ideals.
We need x amount to run the country and we tax accordingly to raise that money. Another thing if £1 = $1 = E1 it would stop much of the speculation and give a lot more stability, not just in the UK.
Nothing wrong with having one currency world wide. It's all the rubbish that that goes with it that makes it all go wrong.
“We need” is always code for “I want”
Common sense politics is how we got to where we are today
Currency parity makes introducing a global Central Bank Digital Currency a lot easier, that's for sure...
Would it stay there, doubt it, markets set exchange rates not politicians, fixed exchange rates will not remain anywhere where one wants them to be, the tensions of maintaining the equality eventually snapping. (In reasonably recent years think ERM, previously gold standard)
We need a Leader and strong loyal support. You know, the kind of leader that does not like criticism
No
Because they did not own it
PM blamed her naive little lapdog, the poor simpleton that did what he was told to do and then got dropped for doing such stupid things
If you listen to her speech the blame is still with the markets for not accepting her views, there was no recognition from her that in any way her policies, or their timing,were flawed.
It (the speech) was shameful
The avoidance of responsibility was and still is shameful
New Chancellor was probably difficult. How many turned it down?
Personal survival is all that matters
She should have had a GE and put her policies to the people of this country, not the markets.