UK: The Budget

[robinbloke]

Exactly as I predicted; once again duty on spirits is frozen, so no increase in costs for vodka.

One thing I like about Mr.Brown, not much else mind you.

Comments

[davywavy.livejournal.com]

Another 10% on Corporation tax? Fuck off.

[robinbloke.livejournal.com]

10% Bloody hell; missed that bit.

I saw he was reducing overall corp tax by 2p and then increasing small business tax by 2p (Which, I thought, much like his reduction on income tax but removing the 10p bracket kicks the little guy) but I missed the 10% increase.

[davywavy.livejournal.com]

2p is 10% of 19p, or near enough...

Still, no point encouraging people to start businesses, is there? It's not like they're good for the economy or anything, is it?

[robinbloke.livejournal.com]

Ah righty; yes, I saw that and thought of you and your (mini) glorious empire.

Or rather I thought "Ah yes, Mr. Browns getting too many threats to leave the country and relocate to other places because his multinational corporation tax is too high, so he's reducing their tax and then hitting the small businesses to make up for it."

Thank the spanners this is his last budget. Just try not to think of the implications of why it's his last shudder.

[davywavy.livejournal.com]

The reason he's done this is pretty simple: The overall tax take on larger companies remains pretty much stable, but he takes more out of the smaller organisations thus boosting overall take.
He's been told in no uncertain terms by HSBC and several other of the major banks that if he racks up their total tax liability they'll relocate from London to Zurich and he'd lose billions if that happened.

http://www.accountancyage.com/financial-director/features/2173294/haven-wait

[robinbloke.livejournal.com]

I knew the HSBC had threatened to move to the land of Ski slopes and chocolate (Who can blame them), the time zone straddling was another mitigating factor (I heard) for staying in the UK as you can catch the opening and closing of East/West markets as well.

Basically, more tax, no surprise there really.

Except on vodka :)

[puddingcat.livejournal.com]

Stop pretending to be an expert. You aren't.

Too pissed off for tact, here.

[jonnyargles.livejournal.com]

By 'he'd lose billions', of course, you mean us, as the recipients of said tax pounds.

(along with workshy pondscum, murdering somalis, polish builders for the olympics and americans for babykilling rockets)

[twentypence.livejournal.com]

You might think this is his last budget, but he's set many figures going forward to 2011, that means we will still be feeling his effect for four more years.

Co-incidently, that's about the time the next election is due isn't it?

[robinbloke.livejournal.com]

Blerg. Aye, yes, something I'm trying not to think about.